Finance Minister Nirmala Sitharaman has encouraged India’s toy industry to aim for a more significant portion of the global market, targeting one-fourth of the projected $179 billion worldwide toy business by 2032. Speaking at the 17th Toy Biz International B2B Expo 2026 in New Delhi organized by the Toy Association of India, she emphasized the need to view the country’s current market projections in the context of expanding global opportunities.
Sitharaman pointed out that while India’s toy market is expected to reach $5 billion by 2034, the global market is projected to be $179 billion by 2032. She urged the industry to set more ambitious goals in light of this substantial growth potential. The Finance Minister highlighted the government’s efforts to enhance the domestic toy ecosystem through the implementation of stricter quality standards and regulatory measures.
Emphasizing the importance of quality and safety in the toy sector, Sitharaman mentioned that the Bureau of Indian Standards (BIS) has intensified its enforcement to ensure that only safe and compliant toys enter the Indian market. She commended the BIS for preventing the entry of unsafe toys into airports and shopping centers, emphasizing the significance of genuine and safe products in the market.
The Finance Minister also highlighted the government’s National Action Plan for Toys, introduced in the FY26 Budget, with the aim of positioning India as a global manufacturing hub for toys. This initiative focuses on establishing manufacturing clusters, enhancing skills, and creating a robust ecosystem capable of producing high-quality, innovative, sustainable, and uniquely Indian toys under the ‘Made in India’ brand. Sitharaman underscored that various departments are collaborating to facilitate every aspect of toy-making, beyond just increasing production.
