Due to many supportive government efforts, the Indian toy business has experienced phenomenal growth. In the last ten years or so, toy exports have surpassed imports at $517.71 million, reaching $523.24 million.
Industry data indicates that toys made in China used to dominate the Indian market, but that is no longer the case.
India bought toys worth $422.79 million in the 2011–12 fiscal year, but it exported less than half of that amount.
More than 100 nations, including the US, UK, Germany, the Netherlands, Denmark, and even China, now have a significant domestic toy sector.
The next phase, as per the government, is for toy manufacturers to effectively use online media to attract consumers abroad.
The success of the Indian toy sector is evident in more exports, a stronger manufacturing ecosystem, and a decrease in reliance on imports, according to senior officials from the Department for Promotion of sector and Internal Trade (DPIIT).
The government has designated the toy industry as one of its champion sectors, with the long-term goal of developing a global market for toys that are “Made in India.” This is part of its strong commitment to building a stronger ecosystem for the toy industry.
Government programs such as obligatory quality standards, higher customs duties, and the National Action Plan on Toys (NAPT) have aided in the production of high-quality goods that have won praise from customers around the world.
Industry estimates show that between 2014–15 and 2022–2023 Indian exports of toys, games, and sports products climbed by 239% while imports decreased by 52%.
The Indian toy market is currently valued at $1.7 billion, and at a growth rate of 10.5% year, it is predicted to reach $4 billion by 2032.
Buyers from the US, UK, South Africa, and Germany, according to the local toy exporters, have expressed interest in their items.
