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India's toy industry, once heavily dependent on imports, is now manufacturing domestically and exporting to 153 countries, Union Minister of Commerce and Industry, Piyush Goyal addressing the 16th Toy Biz International B2B Expo 2025 on Friday said as he highlighted this remarkable transformation.
He said that this shift has been made possible through consistent policy support, the enforcement of quality standards, and the strengthening of local manufacturing clusters. The implementation of the Quality Control Order (QCO), he added, has helped make India a quality-conscious country and enabled domestic toy manufacturers to meet global benchmarks. The Minister stated that India's population of 1.4 billion offers a vast captive market, which creates a natural advantage for scaling up manufacturing. With this scale, the industry can achieve cost efficiency and become globally competitive. The large domestic market, he said, not only supports expansion but also acts as a foundation for international growth. To capture the global market, Goyal stressed the need for the industry to focus on good branding, attractive packaging, and strong product design. He said that if these three aspects are prioritised, Indian toys can gain stronger appeal across international markets. The growth of the toy industry, Goyal noted, reflects the broader journey of development in the country. He recalled that when Prime Minister Narendra Modi launched the Vocal for Local initiative, it was met with skepticism by many, as foreign products dominated consumer preference. However, under the vision of Atmanirbhar Bharat and the belief that Local can go Global, awareness and support for home-grown industries have steadily increased. Goyal stated that startups developing innovative toy concepts have received significant support through the Pradhan Mantri Mudra Yojana, which has now been extended to 20 years. This, he said, has provided access to collateral-free loans for small businesses. He further informed that to promote domestic production, 18 toy clusters across the country have been supported by the Ministry of MSME. To build on this progress, the Minister said that the government is planning to introduce a new promotional scheme for the toy sector. The scheme, he explained, will aim to help Indian toy manufacturers become world-class by enhancing design capabilities, ensuring quality manufacturing, strengthening packaging, and supporting brand building. With sustained focus on innovation, quality, and market development, Goyal expressed confidence that India's toy industry is poised to become a key player in the global market. (ANI)
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