India’s toy industry is on a strong growth path, with projections to capture a larger share of the global toy market, expected to reach USD 179.4 billion by 2032, according to a Punjab National Bank (PNB) report. The sector’s rise is fueled by advancements in skill development, technology adoption, and higher quality standards.
Valued at USD 1.5 billion in 2023, India’s toy industry has received significant government backing. The Union Budget 2025-26 introduced the National Action Plan for Toys to support cluster development, skill enhancement, and a stronger manufacturing ecosystem. Key policy measures, including the Quality Control Order (QCO) of 2020 and rising import duties from 20% in 2020 to 70% in 2023 have reduced toy imports by 79%, from USD 304 million in FY2018-19 to USD 65 million in FY2023-24. Meanwhile, exports have grown by 40% to USD 152 million, making India a net exporter.
With continued efforts in self-reliance and quality improvements, India’s toy industry is poised for global expansion, reinforcing the country’s position as a manufacturing powerhouse.
