New Delhi [India]April 15 (ANI): The global trade market for power and hand tools, currently a price of about 100 billion USD, is estimated to increase significantly, reaching around 190 billion USD by 2035, which is according to a report by the result of the result.
Report of Hand and Power Tools Sectors – Unlocking the Hand and Power Tools Sector of India, ‘USD 25+ Billion Export potential – India’s Hand Equipment Eats for USD 34 billion and expected to expand up to 60 billion by 2035, while the tools are expected to extend to 60 billion, while the tools including tool accessories are represented with power equipment, USD 63 billion and 134 billion. Are estimated to USD.
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China dominates global exports, with about 50 percent of the hand equipment market with US $ 13 billion and 40 percent of the power tools with USD 22 billion, while India has a small appearance, with 600 million USD ($ 1.8 percent market share) and power equipment (0.7 percent market stake) exports in hand equipment.
An important discovery of the report is that India has the ability to capture a large part of the global market, which targets USD 25 billion in exports in the next decade, which can generate about 35 million jobs by securing 10 percent market share in electricity equipment and 25 percent of market share in hand equipment. Through promoting innovation, strengthening our MSMEs, strengthening India’s industrial ecosystem, we can strengthen the country’s position as a reliable, high quality global manufacturing center. Possible awards for the Indian economy and its people are immense.
The report also analyzes challenges that India may face, with a loss of 14–17 percent cost compared to China, high structural costs and small operational scale.
This damage is grown from high raw material costs, such as steel, plastic and motors, as well as more labor productivity for more time for more time at the time of overtime. The report states that high interest rates and logistics costs for transporting goods from inland states obstruct India’s competition in the global market.
In order to achieve India’s $ 25 billion and hand equipment exports in the next decade, reports report in issues affecting hand and power equipment and recommends interventions of three major categories that are necessary.
This report underlines the transformational capacity of the hand and power tool industry for India’s economic development, reduces significant interferences to strengthen challenges, policy headwinds and Indian hand and power tool ecosystems.
It underlines a strategic path to the region to increase its global competition and occupy a large part of the international market. The report was received by Suman Berry, Vice Chairman, NITI Aayog Dr. VK Saraswat, Member, Dr. Arvind Virmani, Member and BVR Subrahmanyam, CEO, CEO, Neeti was started in the presence. (AI)
This report has been auto-generated from Ani News Service. Theprint does not have any responsibility for its content.