NITI AAYOG Launched Unlocking $25+ Billion Export Potential Report
NITI Aayog launched a report titled ‘Unlocking $25+ Billion Export Potential – India’s Hand & Power Tools Sector’, aiming to explore the potential of India’s hand and power tools industry in the global trade landscape. The report identifies the transformative role that this sector could play in boosting India’s economic growth, creating jobs, and enhancing its position as a global manufacturing hub. With the global market for these tools expected to grow significantly by 2035, India’s focus on strengthening this sector could lead to $25 billion in exports over the next decade and the creation of 35 lakh jobs.
This article provides a detailed breakdown of the report’s key insights, challenges, and interventions suggested to achieve India’s growth targets in the hand and power tools market, highlighting the opportunities and strategies for success from both an economic and exam preparation perspective.
Summary/Static | Details |
Why in the news? | NITI AAYOG Launched Unlocking $25+ Billion Export Potential Report |
Global Market for Tools | Valued at $100 billion, projected to grow to $190 billion by 2035. |
India’s Export Share | $600 million in hand tools (1.8% market share) and $470 million in power tools (0.7% market share). |
Export Potential Target | $25 billion in exports over the next decade, creating 35 lakh jobs. |
Cost Disadvantages | India faces a 14-17% cost disadvantage due to higher raw material costs and logistics. |
Key Interventions | 1. Develop world-class hand tool clusters. 2. Address cost disadvantages through market reforms. 3. Provide bridge cost support for competitiveness. |
Government Focus | Hand and power tools sector vital for India’s manufacturing and economic growth. |
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