Things are looking up for local toy manufacturers with the government PLI plan. But a lot more needs to be done to meet the challenges of the sector and reduce import dependency for components
Dolls being assembled at the Hosur, Tamil Nadu, plant of Micro Plastics, one of the largest toy exporters in India. The company has six plants only for toys in and around Bengaluru with about 1.2 million square feet of manufacturing space
Image: Courtesy Micro Plastics
India’s toy manufacturing sector is approximately $1.35 billion, which accounts for only 0.5 percent of the global market. According to a Research and Markets report, the industry is expected to grow to $2.73 billion by 2027, at a compound annual growth rate (CAGR) of 12 percent.
(This story appears in the 27 January, 2023 issue of Forbes India. To visit our Archives, click here.)