NITI Aayog Unveils Ambitious Roadmap to Boost Hand & Power Tools Exports

NITI Aayog has unveiled a detailed plan to raise India's exports of hand and power tools to $25 billion in the coming decade, generating 3.5 million jobs and increasing India's share in the global market. The strategy involves an offer up to ₹12,000 crore of financial support, significant labor and...

NITI Aayog has unveiled a detailed plan to raise India's exports of hand and power tools to $25 billion in the coming decade, generating 3.5 million jobs and increasing India's share in the global market. The strategy involves an offer up to ₹12,000 crore of financial support, significant labor and regulatory reforms, and the establishment of world-class industrial clusters—particularly in Punjab and Maharashtra. The key recommendations include reducing raw material and logistics costs, streamlining export compliance, making import levies rational, and enhancing R&D and quality testing infrastructure. The report calls attention to India's current marginal market share (1.8% in hand tools, 0.7% in power tools) and the need to overcome a cost disadvantage of 14–17% vis-a-vis China. Empowering the MSME, promoting innovation, and surfing world trade shifts, NITI Aayog envisions India as a dependable, high-quality manufacturing hub of the world. Source: Economic Times, PIB, Financial Express