Indian Economy News

Government Targets 5% Global Toy Market Share by 2032

Union Minister of Commerce and Industry Mr. Piyush Goyal has announced the formation of a task force to accelerate the growth of India's toy sector and achieve a 5% share of the global toy market by 2032. The announcement was made during the stakeholder meeting, "Team Up for Toys: Driving SCALE, Innovation and Exports," organised by the Department for Promotion of Industry and Internal Trade (DPIIT) in New Delhi. The task force will focus on six strategic priorities, including integration with global value chains, strengthening manufacturing capabilities, addressing value chain bottlenecks, creating a skilled workforce, promoting design and innovation, and enhancing ease of doing business. The event also marked the launch of the Toy Sector Playbook, a comprehensive roadmap designed to guide manufacturers, startups, micro, small and medium enterprises, investors and entrepreneurs in strengthening competitiveness and expanding their presence in domestic and international markets.

Highlighting the progress of India's toy industry, the Minister emphasised the importance of building a complete domestic manufacturing ecosystem supported by advanced technologies, globally competitive quality standards, localisation, stronger branding and export-oriented growth. Government initiatives such as Bureau of Indian Standards (BIS) certification, cluster development programmes and support for micro, small and medium enterprises and startups have significantly strengthened the sector. India's toy ecosystem now comprises more than 21,000 micro, small and medium enterprises, over 770 DPIIT-recognised toy startups, nearly 50 toy clusters and more than 1,800 BIS licensees. The discussions also focused on attracting investments, strengthening local supply chains, enhancing innovation and design capabilities, developing skilled manpower and increasing India's participation in global toy value chains. These initiatives are expected to position India as a globally competitive hub for toy manufacturing, design and exports while generating employment and supporting the vision of Viksit Bharat.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.