Indian Toy Exports Skyrocket by 239% in 2022-23: DPIIT Report

In a remarkable surge, India's toy industry witnessed a staggering 239% increase in exports during the fiscal year 2022-23, a significant leap from the figures recorded in 2014-15. The revelation comes from a comprehensive case study titled "Success Story of Made in India Toys," released by Rajesh Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) in New Delhi.

Remarkable Growth and Policy Impact

Singh highlighted the industry's remarkable growth, attributing it to Prime Minister Narendra Modi's initiatives and strategic policy decisions. The report, conducted by the Indian Institute of Management (IIM) Lucknow under DPIIT's guidance, also underscored a notable 52% decline in toy imports during the same period.

Singh emphasized the central government's efforts in fostering a conducive manufacturing ecosystem for the Indian toy industry. The report outlined a substantial doubling of manufacturing units over a six-year span from 2014 to 2020. This concerted effort significantly reduced dependence on imported inputs from 33% to a mere 12% while contributing to a remarkable 10% Compound Annual Growth Rate (CAGR) in gross sales value.

Vision for Toy Manufacturing Hub

PM Modi, in his Mann ki Baat address in August 2020, articulated his aspiration to position India as a global hub for toy manufacturing. In alignment with this vision, the government initiated a series of impactful measures, including the formulation of the National Action Plan for Toys (NAPT). This comprehensive plan aims to bolster indigenous toy clusters, promote toy design, integrate toys into learning resources, and uphold stringent quality standards.

Modi's Vision Becomes Reality:

• Prime Minister Modi's desire, expressed during his "Mann ki Baat" address in August 2020, to see India transform into a global toy manufacturing hub is steadily finding its footing.

• The National Action Plan for Toys (NAPT) stands as a key initiative in this mission, promoting toy design, using toys as educational tools, ensuring quality control, and nurturing indigenous toy clusters.

Latest facts 

• 239% Export Increase: A Remarkable Milestone for India's Toy Industry

• 52% Decline in Imports: Domestic Manufacturers Capture the Market

• From 33% to 12%: Reducing Dependence on Foreign Inputs

• National Action Plan for Toys: A Multi-Pronged Approach to Industry Growth