Summary:

According to NITI Aayog's report, "Unlocking Rs. 2,13,925+ crore (US$ 25+ billion) Export Potential - India’s Hand & Power Tools Sector," the global market for hand and power tools is expected to grow to Rs. 16,25,830 crore (US$ 190 billion) by 2035, up from US$ 100 billion today. India’s exports in this sector could reach Rs. 2,13,925 crore (US$ 25 billion) over the next decade, potentially creating 35 lakh jobs.

The report highlights India’s challenges, including a 14-17% cost disadvantage compared to China due to higher structural costs and smaller operational scale. Factors such as elevated raw material costs, lower labor productivity, and higher interest and logistics costs also hinder competitiveness. It recommends developing world-class hand tool clusters with advanced infrastructure, addressing structural cost disadvantages through market reforms, and providing cost support to enhance manufacturing, expand the global footprint, and boost the “Make in India” initiative.

Source: IBEF

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