New Delhi [India], July 7 (ANI): Union Finance Minister Nirmala Sitharaman on Tuesday called on the Indian toy industry to set more ambitious export goals, stating that India has the capability to capture a much larger slice of the projected USD 179 billion global toy market by 2032, instead of limiting itself to the projected USD 5 billion market by 2034.
Addressing the 17th Toy Biz International B2B Expo organised by the Toy Association of India, Sitharaman highlighted the turnaround in the sector over the last five to six years.
“In FY 2025-26, India’s toy exports reached USD 186 million and are now going to 153 countries,” she said. “Equally, imports of toys, which were earlier concentrated from one country and included a lot of cheap, unsafe products, have declined by 71 per cent between 2019 and 2026.”
The Minister credited targeted policy measures for the shift. In February 2020, basic customs duty on toys was raised from 20 per cent to 60 per cent to curb dumping of unsafe imports. Enforcement by the Bureau of Indian Standards was also intensified at airports and markets.
She noted that the National Action Plan for Toys, renewed in the 2024 Budget, brings together 14 central ministries for cluster development, skilling and building a globally competitive manufacturing ecosystem. Under the MSME SPURTI scheme, toy clusters have been set up in Karnataka, Rajasthan, Tamil Nadu, Uttar Pradesh and Andhra Pradesh with support for infrastructure, design and market access.
Trade agreements have also opened new avenues. Under the India-UAE CEPA and India-Australia ECTA, Indian toys now enter these markets duty free. Exporters can also avail benefits under the RoDTEP scheme, while small manufacturers have access to credit through PM Mudra and CGTMSE.
Sitharaman stressed innovation and branding. She cited the E-Toy-Cathon by MeitY as an incubator for AR games, coding kits and homegrown electronic toys. Digital public infrastructure like UPI, Account Aggregator and ONDC is helping artisans in small towns sell directly across India.
She also urged a focus on branding and added, “Manufacturing is important but branding creates value. Enduring value is only when your brand can be identified.”
Invoking India’s civilizational link with toys, from traditional “Bommai Kolu” during Navaratri to 5,000-year-old toys found in Sindhu-Saraswati sites, the FM said, “Let toys carry the mark ‘Made in India’. Let that Made in India toy travel the world.”
She concluded by telling children present at the event to “Play without fear. Play a lot.” (ANI)
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