ENA Sectors 2025-02-27 14:12:05 <p><span style="font-size:14px"><strong>New Delhi, Feb 27 (KNN)</strong> Indias toy industry is on a robust growth trajectory, with the potential to capture a larger share of the global toy market, which is projected to reach USD 179.4 billion by 2032, according to a report by Punjab National Bank (PNB).</span></p> <p><span style="font-size:14px">The industry is undergoing a transformation driven by skill development, technology adoption, and quality improvements.</span></p> <p><span style="font-size:14px">The Indian toy market, valued at approximately USD 1.5 billion in 2023, has received significant policy support from the government, strengthening domestic manufacturing and reducing import dependence.</span></p> <p><span style="font-size:14px">The Union Budget 2025-26 has reinforced the importance of the toy sector through the announcement of the National Action Plan for Toys. This initiative aims to promote cluster development, enhance skills, and establish a strong manufacturing ecosystem.</span></p> <p><span style="font-size:14px">The focus is on producing high-quality, innovative, and sustainable toys under the Made in India brand, further boosting India's position in the global market.</span></p> <p><span style="font-size:14px">Government interventions such as the implementation of the Quality Control Order (QCO) in 2020 and a series of import duty hikes&mdash;from 20 per cent in 2020 to 70 per cent in 2023&mdash;have significantly curbed toy imports while encouraging domestic production.</span></p> <p><span style="font-size:14px">Trade data reflects this positive impact, with Indias toy imports plummeting from USD 304 million in FY2018-19 to just USD 65 million in FY2023-24, marking a 79 per cent decline.</span></p> <p><span style="font-size:14px">At the same time, exports have surged by 40 per cent, rising from USD 109 million to USD 152 million. This has positioned India as a net exporter of toys.</span></p> <p><span style="font-size:14px">With continued policy support, quality enhancements, and a focus on self-reliance, Indias toy industry is well-poised for global expansion, contributing to the nations vision of becoming a leading manufacturing hub.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 41212 https://knnindia.co.in/news/newsdetails/sectors/quality-standards-and-policy-support-propel-indias-toy-industry-report 2025-02-27 14:12:05 knnindia.co.in