New Delhi, July 7 (IANS) Finance Minister Nirmala Sitharaman on Tuesday called on India’s toy industry to aim for a significantly larger share of the global market, urging the sector to target one-fourth of the worldwide toy business, which is projected to reach $179 billion by 2032.

Addressing the 17th Toy Biz International B2B Expo 2026 organised by the Toy Association of India in New Delhi, the Finance Minister said the country’s current market projections should be viewed in the context of the rapidly expanding global opportunity.

“India’s toy market is projected to reach $5 billion by 2034, but I want to have a reality check. The global growth is such that the number for 2032 is $179 billion,” FM Sitharaman said, encouraging the industry to set more ambitious goals.

Highlighting the government’s efforts to strengthen the domestic toy ecosystem, FM Sitharaman said stricter quality standards and regulatory measures have helped transform the sector.

FM Sitharaman noted that the Bureau of Indian Standards (BIS) stepped up enforcement to ensure that only safe and quality-compliant toys enter the Indian market.

“The Bureau of Indian Standards intensified its enforcement so that we bring in only genuine, safe toys if at all we want imports. They didn’t allow unsafe toys to come into our airports and shopping centres,” the minister mentioned said.

FM Sitharaman also highlighted the government’s National Action Plan for Toys, announced in the FY26 Budget, which aims to position India as a global hub for toy manufacturing.

The initiative focuses on developing manufacturing clusters, enhancing skills and building a robust ecosystem capable of producing high-quality, innovative, sustainable and uniquely Indian toys under the ‘Made in India’ brand.

“We are not just talking about manufacturing more toys, but all departments are coming together to help and create a framework so that every aspect of toy-making is facilitated,” the Finance Minister said.

–IANS

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