India’s toy industry flourishes, with exports skyrocketing by 239 percent and imports dropping by 52 percent, positioning the nation as a net exporter.
India’s toy industry has witnessed a remarkable upswing between FY15 and FY23, marked by a staggering 239 percent surge in exports and a notable 52 percent decline in imports. This growth trajectory has propelled India into the league of net exporters in the global toy market, signaling a significant shift from its previous dependence on imports.
Key factors driving this transformation include the mandatory Bureau of Indian Standards (BIS) approval for toy sales, protective measures, the China-Plus-One strategy, and a surge in basic customs duty to 70 percent. Consequently, global players such as Hasbro, Mattel, Spin Master, and Early Learning Centre are increasingly turning to India for sourcing, alongside major manufacturers like Dream Plast, Microplast, and Incas, gradually redirecting their focus from China to India.
This shift is evident in the reduction of India’s reliance on Chinese imports, previously accounting for 80 percent of toy sourcing, now substantially mitigated. Funskool, a prominent player in the Indian toy market, highlights a significant increase in domestic production, emphasising the country’s growing prominence as a toy manufacturing hub. With government support and policy incentives like BIS regulations, India’s toy industry anticipates further expansion, aiming to cater not only to domestic demand but also to global markets.
