The Indian Toy industry witnessed a rise of 239% in exports in 2022-23 as compared to 2014-15. It has been noted in a case Study on “Success Story of Made in India Toys” released by Secretary of Department for Promotion of Industry and Internal Trade ( DPIIT) Rajesh Singh in New Delhi.
Addressing the press briefing Singh said that the Indian toy industry has registered significant growth after Prime Minister Narendra Modi's initiative and various decisions taken at the policy level.
The report also mentioned the decline in imports by 52% in the same period. The case study has been conducted by the Indian Institute of Management (IIM) Lucknow at the behest of DPIIT.
The Secretary said that the Central Government has enabled a more conducive manufacturing ecosystem for the Indian Toy industry. The report highlighted that in a span of 6 years, from 2014 to 2020, these dedicated efforts have led to the doubling of the number of manufacturing units. It helped in the reduction in dependence on imported inputs from 33% to 12% and increase in gross sales value by a CAGR of 10%.
It is to be noted that PM Modi during his Mann ki Baat address in August 2020, had also expressed his desire to establish India as a global Toy manufacturing hub. To fulfill the vision, the government has undertaken a series of initiatives including the formulation of a comprehensive like the National Action Plan for Toys (NAPT) to promote the designing of toys, using toys as a learning resource, monitoring the quality of toys and promoting indigenous toy clusters.
