India's Hardware Export Sector Set for Strong Expansion: FIEO Leader
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New Delhi, Dec 8 (NationPress) India is on the verge of considerable expansion in hardware exports, having recorded an extraordinary 15 percent year-on-year growth in 2023, showcasing the country's enhanced presence in the international market, stated Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO).
He made these comments while speaking at the International Hardware Fair held at Pragati Maidan in the capital.
More than 250 exhibitors and 10,000 trade visitors from 35 countries are participating in the event, which features international pavilions from exhibitors based in China, Korea, Italy, and Taiwan.
Kumar expressed that the hardware sector offers vast export prospects for Indian MSMEs, and this fair serves as a platform to showcase their high-quality products.
"India's competitive advantage, innovation, and cost-effectiveness have established it as a crucial player in the global hardware market, especially in machinery, electrical, and electronic equipment," he remarked.
The nation has attained the status of being the fifth-largest major economy worldwide, with a collective ambition to reach a $5 trillion economy by 2027, propelled by a strong growth trajectory, strategic governmental initiatives, and a youthful and aspirational populace, he noted.
Emphasizing India's export momentum and ambitious objectives, Ajay Sahai, Director General and CEO of the FIEO, stated, "India is set for notable export growth, targeting $2 trillion by 2030. Our exports have escalated from $478 billion to $778 billion in recent years, reflecting a robust compound annual growth rate of over 8 percent."
"To maintain this momentum, we are aiming for a 14 percent CAGR, which is feasible given the supportive ecosystem and India's technological strengths," he continued.
Government initiatives like the Production Linked Incentive Scheme and a renewed emphasis on R&D are pivotal to this achievement, he added.
Milind Dixit, Managing Director of Koelnmesse Pvt Ltd, remarked, "With the consistent growth of India's economy and increased infrastructure investment, there is a growing demand for hardware and building materials."
With India's furniture hardware market expected to grow at a CAGR of 15.49 percent from 2024 to 2029, rising from $3.04 billion in 2024 to $6.26 billion, the event underscores the sector's dynamic growth and transformative potential.
