NITI Aayog Report Highlights $25 Billion Export Potential in India's Hand & Power Tools Sector
| Aspect | Details |
|---|---|
| Event | NITI Aayog launched a report titled 'Unlocking $25+ Billion Export Potential - India's Hand & Power Tools Sector'. |
| Objective | Explore the potential of India's hand and power tools industry in global trade. |
| Global Market Size (2023) | $100 billion. |
| Projected Global Market (2035) | $190 billion. |
| India's Current Exports | Hand tools: $600 million (1.8% market share); Power tools: $470 million (0.7% market share). |
| China's Exports | Hand tools: $13 billion (50% market share); Power tools: $22 billion (40% market share). |
| India's Export Potential | $25 billion over the next decade (10% market share in power tools, 25% in hand tools). |
| Job Creation Potential | 35 lakh jobs in manufacturing and export sectors. |
| Challenges | 14-17% cost disadvantage due to higher raw material costs, lower labour productivity, and high logistics costs. |
| Strategic Interventions | Develop World-Class Hand Tool Clusters, adopt Public-Private Partnership (PPP) Model, reform market policies, and ease labour and building regulations. |
| Bridge Cost Support | ₹8,000 crores may be needed if structural reforms are delayed. |
| Long-Term Investment Benefit | Expected to generate 2-3 times its value in tax revenue over the next five years. |