Finance Minister Nirmala Sitharaman strongly recommended that the Indian toy industry aim to capture a quarter of the global toy market. She emphasized that the government is providing support and implementing quality control measures to stimulate production and exports.
Global Market Forecasts
On Tuesday, Nirmala Sitharaman stated at the 17th Toy Biz International B2B Expo 2026, organized by the Toy Association of India in Delhi, that the global toy market is projected to reach $179 billion by 2032. Although the Indian market is forecast at $5 billion by 2034, the minister believes the industry is capable of more and should strive for at least one-fourth of this global volume.
Government Support Measures
The minister noted that duty-free access for Indian toys to the markets of the United Arab Emirates and Australia under relevant trade agreements should provide an additional boost to the sector. Over the past six years, the government has taken several measures to encourage domestic toy production and combat dumping. Specifically, the basic customs duty on toys was increased from 20 percent in 2020 to 60 percent.
Quality Control and Imports
Sitharaman also reported that the Bureau of Indian Standards has strengthened controls to allow only authentic and safe toys to be imported, preventing unsafe goods from entering airports and shopping malls. This, she said, sends a clear signal about the country's desire for high-quality toys for children. Following the increase in duties and other quality control measures, toy imports in India decreased by 71 percent in the fiscal year 26 compared to 2019. Meanwhile, India's toy exports reached $186 million in fiscal year 26.
National Development Plan
As part of the budget for fiscal year 26, Sitharaman presented a National Action Plan for Toys, aimed at making India a global toy hub. The main focus of this program is on developing clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys representing the 'Made in India' brand. The minister stressed that this is not just about increasing production, but about all departments uniting to create a structure that facilitates every aspect of toy manufacturing.