India should target 25 pc share of $179 billion global toy market: FM Sitharaman
New Delhi, July 7
Finance Minister Nirmala Sitharaman on Tuesday called on India's toy industry to aim for a significantly larger share of the global market, urging the sector to target one-fourth of the worldwide toy business, which is projected to reach $179 billion by 2032.
Addressing the 17th Toy Biz International B2B Expo 2026 organised by the Toy Association of India in New Delhi, the Finance Minister said the country's current market projections should be viewed in the context of the rapidly expanding global opportunity.
"India's toy market is projected to reach $5 billion by 2034, but I want to have a reality check. The global growth is such that the number for 2032 is $179 billion," FM Sitharaman said, encouraging the industry to set more ambitious goals.
Highlighting the government's efforts to strengthen the domestic toy ecosystem, FM Sitharaman said stricter quality standards and regulatory measures have helped transform the sector.
FM Sitharaman noted that the Bureau of Indian Standards (BIS) stepped up enforcement to ensure that only safe and quality-compliant toys enter the Indian market.
"The Bureau of Indian Standards intensified its enforcement so that we bring in only genuine, safe toys if at all we want imports. They didn't allow unsafe toys to come into our airports and shopping centres," the minister mentioned said.
FM Sitharaman also highlighted the government's National Action Plan for Toys, announced in the FY26 Budget, which aims to position India as a global hub for toy manufacturing.
"We are not just talking about manufacturing more toys, but all departments are coming together to help and create a framework so that every aspect of toy-making is facilitated," the Finance Minister said.
— IANS
Reader Comments
Lovely to see the Finance Minister focusing on 'Make in India' for toys. We have such rich traditions of wooden toys and handcrafted items – Channapatna, Kondapalli, all of that. Why not blend traditional art with modern safety norms? That could be our unique selling point! 🇮🇳
The target is optimistic, but I have practical concerns. 25% market share by 2032 means massive investment in plastic molding, electronics for smart toys, and packaging. We still import a lot of toy components. The 'National Action Plan' better include tax breaks and cheap loans for tiny toy makers in Maharashtra and Gujarat.
Interesting! As someone in the export business, I'd say our biggest challenge isn't production – it's branding and IP. Chinese toys dominate because of Disney, Marvel, anime tie-ups. We need to create our own mascots or partner with global franchises. Also, labor costs need to stay competitive. But the will is there – let's go! 💪
Good to hear about quality enforcement – unsafe toys really scared parents. But let's be honest, $5 billion to $45 billion (25% of $179 bn) is a moonshot leap. We need to fix logistics, electricity costs, and skilled labor first. The 'reality check' FM mentioned should apply to our ground-level infrastructure too.
As a parent, I'm all in for stricter BIS standards. Those imported toys smelling of paint thinner were scary. But I hope the 'ambitious target'
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