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Govt to introduce scheme to boost toy industry, says Piyush Goyal
He added that the industry had undergone significant change in recent years, moving from import dependency to domestic manufacturing and exporting to 153 countries. He attributed this shift to consistent policy support, enforcement of quality standards and the development of local manufacturing clusters.
'The implementation of the Quality Control Order (QCO) has helped make India a quality-conscious country and enabled domestic toy manufacturers to meet global benchmarks,' Goyal said.
He further noted that India's large population offers a 'vast captive market' that enables manufacturing at scale. 'With this scale, the industry can achieve cost efficiency and become globally competitive,' he said.
Goyal also emphasised the importance of branding, packaging and product design to enhance the international appeal of Indian toys. 'If these three aspects are prioritised, Indian toys can gain stronger appeal across international markets,' he said.
As part of efforts to support small businesses in the sector, the minister said startups developing innovative toy concepts had been supported under the Pradhan Mantri Mudra Yojana, which has been extended to 20 years, offering access to collateral-free loans.
Additionally, 18 toy manufacturing clusters have been supported by the Ministry of Micro, Small and Medium Enterprises to promote domestic production, he said.
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