India can goal $ 25 billion exports in the following 10 years and generate 35 lakh jobs with 10% market share in power tools and 25% market share in hand tools, based on NITI Aayog’s report on “Unlocking $25+ Billion Exports: India’s Hand & Power Tools Sector,” which was launched right here on Tuesday.
The report famous that there’s a transformative potential of hand and power tools trade for the nation’s financial development. The report additionally outlines a strategic path for the sector to boost its world competitiveness and seize a bigger share of the worldwide market.
The world commerce market for power and hand tools is at the moment valued at roughly $ 100 billion and is projected to succeed in round $ 190 billion by 2035. “Within this market, hand tools account for $ 34 billion and are expected to expand to $ 60 billion by 2035, while power tools, including tool accessories, represent $ 63 billion and are anticipated to surge to $ 134 billion, with electrical tools comprising the majority. China dominates global exports, holding about 50% of the hand tools market with $ 13 billion and 40% of the power tools market with $ 22 billion, whereas India has a smaller presence, exporting $ 600 million in hand tools (1.8% market share) and $ 470 million in power tools (0.7% market share),” the NITI Aayog stated.
The report stated India has the potential to seize a bigger share of the worldwide market, focusing on $ 25 billion in exports over the following decade, which might create roughly 35 lakh jobs by attaining a ten% market share in power tools and 25% in hand tools. “Through fostering innovation, empowering our MSMEs, strengthening India’s industrial ecosystem, we can solidify the nation’s position as a reliable, high-quality global manufacturing hub. The potential rewards for Indian economy and its people are immense,” the report stated.
The report additionally analyses the challenges which India could face, together with a 14-17% value drawback in comparison with China, pushed by increased structural prices and smaller operational scale. “This disadvantage stems from elevated raw material costs, such as steel, plastic, and motors, as well as lower labour productivity due to higher overtime wages and restrictions on overtime hours. Furthermore, higher interest rates and logistics costs for transporting goods from inland states to ports further hinder India’s competitiveness in the global market,” the report stated.
Published – April 16, 2025 03:09 am IST
