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NITI Aayog launches Report on ‘Unlocking Over $25 Billion Export Potential – India’s Hand & Power Tools Sector’
Context
NITI Aayog’s new report outlines strategies to boost India’s hand and power tools exports to over $25 billion by 2035.
It highlights sectoral challenges, global market trends, and key reforms needed to strengthen India’s position as a manufacturing hub.
Sector Potential and Growth Opportunity
- NITI Aayog released a report highlighting the economic potential of India’s hand and power tools sector.
- The sector can significantly contribute to India’s growth and aims to position India as a global manufacturing hub.
- The report sets a roadmap to enhance India’s global competitiveness and increase its market share in exports.
Global Market Overview
- The global hand and power tools market is valued at $100 billion, projected to reach $190 billion by 2035.
- Hand tools currently form a $34 billion market, expected to grow to $60 billion.
- Power tools represent $63 billion, projected to rise to $134 billion, largely driven by electrical tools.
India’s Current Export Share
- India exports $600 million worth of hand tools (1.8% market share).
- Power tools exports stand at $470 million (0.7% market share).
- In comparison, China holds 50% of hand tools and 40% of power tools export market share.
Future Export Target and Employment Potential
- India aims to achieve $25 billion in exports from this sector in the next decade.
- This could generate up to 35 lakh jobs, with a 10% share in power tools and 25% in hand tools.
Key Challenges
- India faces a 14–17% cost disadvantage due to higher input costs, lower productivity, and logistic inefficiencies.
- Raw material costs, overtime wage restrictions, interest rates, and inland transport add to the challenges.
Strategic Recommendations
- Develop clusters: Create 3–4 modern industrial clusters over 4,000 acres under the PPP model.
- Reform markets: Ease Quality Control Orders, import duties, and simplify export schemes.
- Bridge cost support: Provide ₹8,000 crores support if needed, expected to yield 2–3x tax returns.
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FAQs on PIB Summary- 16th April, 2025 - Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC
| 1. What is the significance of NITI Aayog's report on the Hand & Power Tools sector? |  |
Ans. The report by NITI Aayog highlights the potential of India's Hand & Power Tools sector to unlock over $25 billion in exports. It emphasizes the importance of this sector in boosting economic growth, creating job opportunities, and enhancing India's position in global trade. The report outlines strategies to enhance manufacturing capabilities, improve quality standards, and foster innovation within the industry.
| 2. What are the key recommendations made in the NITI Aayog report for the Hand & Power Tools sector? | |
Ans. The report includes several key recommendations such as enhancing R&D investments, promoting skill development, improving infrastructure, and establishing quality control measures. It also suggests fostering collaboration between industry stakeholders and government bodies to create a supportive ecosystem for the growth of the Hand & Power Tools sector.
| 3. How can the Hand & Power Tools sector contribute to India's export economy? | |
Ans. The Hand & Power Tools sector can significantly contribute to India's export economy by capitalizing on the rising global demand for high-quality tools. By focusing on innovation and quality improvements, Indian manufacturers can access new markets, increase competitiveness, and ultimately boost export revenues, thereby contributing to the overall economic growth of the country.
| 4. What challenges does the Hand & Power Tools sector face according to the report? | |
Ans. The report identifies several challenges faced by the Hand & Power Tools sector, including outdated manufacturing technologies, lack of skilled workforce, inadequate infrastructure, and stiff competition from established global players. Addressing these challenges is crucial for enhancing the sector's productivity and competitiveness in the international market.
| 5. What role does skill development play in the growth of the Hand & Power Tools sector as per the NITI Aayog report? | |
Ans. Skill development is highlighted as a critical factor for the growth of the Hand & Power Tools sector. The report emphasizes the need for training programs to equip the workforce with the necessary skills and knowledge to operate advanced manufacturing technologies and meet international quality standards. This will not only enhance productivity but also ensure that the industry can innovate and compete effectively on a global scale.
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