Business News | Piyush Goyal Sets Up Task Force to Strengthen Toy Manufacturing; Targets 5% Global Market Share by 2032

New Delhi [India], July 28 (ANI): Union Minister of Commerce & Industry Piyush Goyal has announced the setting up of a task force to support the toy sector and identify interventions towards achieving the goal of reaching a 5 per cent share in the global toy market by 2032.

The announcement was made at the stakeholder meet, "Team Up for Toys: Driving SCALE, Innovation and Exports", organised by the Department for Promotion of Industry and Internal Trade (DPIIT) at Vanijya Bhawan, New Delhi on Monday.

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The newly formed task force will focus on six core objectives, including integration with global value chains, strengthening manufacturing capabilities, resolving value chain bottlenecks, creating a skilled workforce and employment, enabling design and innovation, and enhancing the ease of doing business.

The event marked the launch of the Toy Sector Playbook, a document designed as a comprehensive roadmap for manufacturers, startups, MSMEs, investors, and entrepreneurs. The playbook offers actionable guidance on manufacturing ecosystems, value chains, standards, compliance requirements, skills development, product innovation, intellectual property, exports, and emerging market opportunities.

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In a post on X, Piyush Goyal said, "Delighted to interact with stakeholders from the toy industry and release the Toy Sector Playbook alongside Dr. Pawan Goenka ji, Chairman of SCALE Committee, Jalaj Dani ji, Member of SCALE Committee & Convenor of the newly formed Toy Sector Task Force along with fellow members."

"Our deliberations focused on strengthening India's global competitiveness in the toy sector by boosting exports, enhancing quality and safety standards, expanding manufacturing capabilities, and building resilient domestic value chains," he added. "Called upon industry leaders to innovate, build globally recognised brands, and leverage technology to position Made in India toys as symbols of quality, creativity, and trust in global markets."

During his address at the venue, Goyal noted that the progress of the domestic toy industry reflected the country's broader journey towards Viksit Bharat. He highlighted the sector's ability to combine manufacturing excellence, creativity, innovation, and rich cultural heritage.

The Minister also noted the positive impact of government initiatives, including quality regulation through BIS certification, cluster development programmes, and support measures for MSMEs and startups. He urged the industry to focus on innovation, design excellence, sustainability, scale, and exports.

Earlier in the event, Joint Secretary, SCALE, DPIIT, Kajal provided context on the expanding ecosystem, noting that the toy sector comprised more than 21,000 MSMEs, over 770 DPIIT-recognised toy startups, nearly 50 toy clusters, and more than 1,800 BIS licensees.

Pawan Goenka, Chairman, SCALE, outlined the vision of transforming India into a global toy manufacturing powerhouse. He emphasised the aspiration of increasing India's share in the global toy market to 5 per cent by 2032 through enhanced scale, innovation, design capabilities, and export competitiveness as global supply chains diversified.

The event concluded with a vote of thanks by Joint Secretary, DPIIT, Sumeet Jarangal, reaffirming the shared commitment to ensure future toys were Made in India, Designed in India, Innovated in India, and Branded in India. (ANI)

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