Nirmala Sitharaman Urges Indian Toy Firms to Capture 25% Global Market

Union Finance Minister Nirmala Sitharaman urged Indian toy manufacturers to capture 25% of the projected $179 billion global toy market by 2032. Speaking at the 17th Toy Biz International B2B Expo in New Delhi on July 7, 2026, Sitharaman argued that the domestic industry must set more ambitious goals than the current $5 billion projection for 2034, emphasizing that branding is critical for creating enduring value.

Sitharaman highlighted a significant shift in the sector, noting that toy imports fell 71% between 2019 and 2026. Government data indicates toy exports grew approximately 152% from $152.7 million in 2017-18 to $384.7 million in 2025-26, though Sitharaman cited a lower export figure of $186 million for the same period across 153 countries. The United States remains the largest export market.

The government attributed this growth to the National Action Plan for Toys, mandatory Bureau of Indian Standards certifications, and an increase in basic customs duty from 20% to 60% in 2020 to curb unsafe imports. Growth was further supported by zero-duty market access via free trade agreements with Australia and the UAE. As part of continued expansion, Sitharaman suggested that MP Bansuri Swaraj identify a toy manufacturing cluster in the national capital under the SFURTI programme.