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Finance minister Nirmala Sitharaman in her Union Budget 2025 speech announced that the government will launch a new scheme to boost the toy manufacturing ecosystem in the country.
The plan includes creating toy production clusters that will foster local manufacturing capabilities and innovation while also keeping the sustainability part intact.
“We will create a scheme to make India a global hub for toys. They will focus on developing clusters, skills and a manufacturing ecosystem that will create high-quality sustainable toys that will represent a made-in-India brand,” the finance minister said
Finance minister Nirmala Sitharaman in her Union Budget 2025 speech announced that the government will launch a new scheme to boost the toy manufacturing ecosystem in the country.
The plan includes creating toy production clusters that will foster local manufacturing capabilities and innovation while also keeping the sustainability part intact.
“We will create a scheme to make India a global hub for toys. They will focus on developing clusters, skills and a manufacturing ecosystem that will create high-quality sustainable toys that will represent a made-in-India brand,” the finance minister said.
The announcement is in line with the government’s previous initiatives like the National Action Plan for Toys that laid the foundation for promoting local manufacturing of toys. Under the initiative, some toy clusters have already been set up like the Toy Park at Greater Noida and the Koppal Toy Cluster in Karnataka to create a conducive environment for toy manufacturing.
As a result of the steps taken by the government to promote toy production, the country’s toy industry has been growing rapidly. Between the financial year 2014-15 and 2022-23, there was a 52% decline in toy imports while exports surged 239% during the same period.
The number of toy manufacturing units in the country also doubled between 2014 and 2020.
Notable Indian toy startups include Toiing, Shumee, PlayShifu, among others. As per a report by Markets and Research, the Indian toys and games market is estimated to reach a size of $4.4 Bn by 2032 from $1.7 Bn in 2023.
The FM announced a number of other measures in her budget speech aimed at ramping up manufacturing and creating employment. She announced the launch of a National Manufacturing Mission to support small, medium and large enterprises under the Make in India initiative.
FM Sitharaman also said that a “light-touch regulatory framework” will be created to improve the ease of doing business in the country.
Besides, a new Fund of Funds for startups was also announced with an additional INR 10,000 Cr corpus.
