𝗜𝗻𝗱𝗶𝗮𝗻 𝗧𝗼𝘆 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆: 𝗦𝗼𝗮𝗿𝗶𝗻𝗴 𝗛𝗶𝗴𝗵, 𝗦𝗲𝘁 𝘁𝗼 𝗥𝗲𝗮𝗰𝗵 $𝟯 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟮𝟴

𝗜𝗻𝗱𝗶𝗮𝗻 𝗧𝗼𝘆 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆: 𝗦𝗼𝗮𝗿𝗶𝗻𝗴 𝗛𝗶𝗴𝗵, 𝗦𝗲𝘁 𝘁𝗼 𝗥𝗲𝗮𝗰𝗵 $𝟯 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟮𝟴
The Indian Toy Industry's incredible growth is evident with a sixfold surge in toy exports in 2021-22 compared to 2013-14, set to reach $3 billion by 2028 at a CAGR of 12%. High-value exports to the Middle East and Africa are on the rise, with a 10% increase in import duty on toys and the introduction of the Toys Quality Control Order (QCO) in 2021 for safety and standardization.
Abundant raw materials, competitive labor costs, and the establishment of toy clusters signal immense potential. Indian Toy Exports have soared by 172%, reaching $297.86 million in 2022-23, showcasing a bright future for the industry.
The Indian government's ambitious National Action Plan for Toys (NAPT) unites over 20 ministries and departments, propelling the 'Vocal for Local' initiative. The Toy Fair and Toycathon programs play a pivotal role in promoting innovation and nurturing a sense of national pride in indigenous toy production. To reinforce India's self-reliance in this thriving sector, they are set to introduce an INR 3,500-crore Production Linked Incentive (PLI) scheme, specifically designed to incentivize domestic manufacturing that adheres to the Bureau of Indian Standards (BIS) norms.
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