Foreign News
India’s Toy Revolution: Imports Down 71% In 7 Years, Market To Hit $5B By 2034, Says FM
Finance Minister Nirmala Sitharaman on Tuesday said India’s toy industry has witnessed a remarkable transformation over the past decade, with exports reaching $186 million in FY2025-26 and Indian-made toys now being shipped to 153 countries.
She said the sector’s growth reflects the government’s sustained push towards quality manufacturing, innovation and self-reliance.
Addressing an event organised by the Toy Association of India in New Delhi, she said the sector’s progress reflects the government’s focus on quality manufacturing and self-reliance.
ALSO READ : Middle Class Growth Engine Of India; 500 Cities To Emerge As Economic Hubs: Sitharaman
She said following a growing domestic manufacturing base supported by higher quality standards and policy initiatives, our reliance on imports has drastically declined.
“Toy imports have fallen by 71% since 2019 reflecting our commitment towards self-reliance,” she said.
While India’s toy market is projected to reach $5 billion by 2034, Sitharaman said the country’s ambitions should extend beyond domestic growth.
She urged the industry to target a much larger share of the rapidly expanding global toy market through innovation, design and technology-led manufacturing.
Highlighting the government’s broader vision for a developed India, she said “policy support must be complemented by innovation, infrastructure and entrepreneurship to build a globally competitive toy ecosystem”
ALSO READ : Sitharaman Says Govt Committed To Driving ‘Reform Express’ Amid Global Challenges
Sitharaman pointed to initiatives such as the E-Toycathon, which is encouraging the development of electronic toys, augmented reality-based games and coding kits, helping nurture the next generation of technology-driven products.
She also underscored the role of Digital Public Infrastructure in expanding opportunities for toy manufacturers and artisans.
Platforms such as UPI, ONDC, TReDS and the Account Aggregator framework are improving access to markets, finance and digital commerce for entrepreneurs across the country.
The minister added that women entrepreneurs, beneficiaries of the PM Vishwakarma scheme and artisans trained under the Skill India mission are playing an increasingly important role in the growth of India’s toy manufacturing sector, strengthening its competitiveness in both domestic and global markets.
Essential Business Intelligence,
Sharp Market Insights,
Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
