FM Sitharaman exhorts toymakers to aim for a fourth of global market share

Finance minister Nirmala Sitharaman on Tuesday called on the toy industry to aim for a quarter of the global market share over the next few years, taking advantage of conducive government policies and India’s trade agreements with economies, including the UAE and Australia.

The domestic toy market is expected to make great strides to touch $5 billion by 2034 but the global market is projected to hit $179 billion by 2032, she said, addressing an event of the Toy Association of India in the capital.

Domestic toymakers should, therefore, strive harder to grab a bigger slice of the global market, she said.


The country’s toy imports plunged 71% between FY19 and FY26 and exports rose on the back of sustained efforts by the government and the industry, she said.

Primarily a toy importer for decades, India exported these products worth $186 million in FY26.

“While manufacturing is important, branding creates value,” Sitharaman said, exhorting toymakers to create quality products.

The Modi government, she said, is supporting toymakers through various measures and programmes, including the remission of duties and taxes on exported products, collateral-free loans for budding and small-time entrepreneurs under the PM Mudra Yojana and support through the Scheme of Fund for Regeneration of Traditional Industries.

These are empowering Indian toy manufacturers to scale up, export and compete globally, Sitharaman said.