India's Toy Export Decline Amid Global Demand Drop

India's toy exports have fallen from USD 177 million in 2021-22 to USD 152 million in 2023-24, largely due to a worldwide decrease in demand. Key markets like the USA, UK, and Germany also saw a decline in imports. Despite these challenges, domestic initiatives have boosted the Indian toy industry.

India's toy exports have experienced a significant decline, dropping from USD 177 million in 2021-22 to USD 152 million in 2023-24, as reported by the government on Friday. This decrease is attributed to a global downturn in demand for these products.

Minister of State for Commerce and Industry Jitin Prasada informed the Rajya Sabha that crucial export destinations, including the USA, UK, and Germany, noted a 16-20 percent reduction in toy imports.

Prasada highlighted the efforts of the Indian government and local manufacturers in fostering substantial growth within the domestic toy industry. Meanwhile, imports plummeted by 76 percent, from USD 276 million in 2014-15 to USD 65 million in 2023-24, indicating a trend towards self-reliance.