Synopsis
The NITI Aayog has introduced a $25 billion export strategy aimed at strengthening India's hand and power tools sector, emphasizing the need for a supportive domestic environment for manufacturers. Vice Chairman Suman Bery highlights the importance of reforms to enhance competitiveness and integrate MSMEs into global supply chains.Key Takeaways
- NITI Aayog's $25 billion export strategy.
- Focus on hand and power tools sector.
- Need for supportive domestic ecosystem.
- Integration of MSMEs into global supply chains.
- Potential growth in India's export market share.
New Delhi, April 15 (NationPress) The NITI Aayog’s $25 billion export strategy aimed at enhancing India's hand and power tools industry is focused not only on seizing global opportunities but also on fostering an environment conducive to the growth of Indian businesses, according to the Vice Chairman of the government think tank, Suman Bery, on Tuesday.
"Our competitiveness in this sector hinges on more than just circumventing tariffs," Bery stated during a press briefing.
In a subsequent conversation with IANS, the NITI Aayog Vice Chairman expressed, "It’s essential that our domestic manufacturers are granted the necessary protection and ecosystem to compete on the global stage."
He remarked that India is closer than ever to establishing itself as a significant global supplier in this domain, with the report detailing a feasible strategy to achieve that aim.
The export strategy incorporates vital reforms such as enhancing testing and certification capabilities, streamlining export compliance processes, improving financial access, and integrating micro, small, and medium enterprises (MSMEs) into global supply chains.
These initiatives are crafted to fortify long-term resilience and minimize obstacles in the growth trajectory of Indian manufacturers.
"At present, India accounts for just over 1 percent of the global hardware exports market. However, with focused reforms, this percentage could see significant growth," he added.
The roadmap seeks to unlock over $25 billion in exports in the forthcoming years and is part of NITI Aayog’s broader effort to identify ‘Global Business Champions’ across various sectors and bolster India’s participation in global supply chains.
President of the Federation of Indian Export Organisations (FIEO) Ashwani Kumar noted that the hand and power tools sector has the potential to emerge as one of the largest contributors to exports within the next decade.
"This roadmap is poised to have a profound impact on India’s journey towards achieving developed nation status," he informed IANS.
NITI Aayog Programme Director Sanjeet Singh emphasized to IANS that the next 5-10 years are critical for India’s transformation.
With the MSME sector advancing rapidly, India has already captured 35 percent of the export market share in this domain.
"The roadmap will facilitate Indian companies in scaling their operations further within global markets," Singh conveyed to IANS.
