%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(36).png "NITI AAYOG Launched Unlocking $25+ Billion Export Potential Report")
- It outlines India's potential to significantly expand its global market share in the hand and power tools industry, aiming for $25 billion in exports by 2035.
- Global Market Growth: The global trade market for hand and power tools, currently valued at $100 billion, is projected to grow to $190 billion by 2035.
- India's Current Share: India exports $600 million in hand tools (1.8% market share) and $470 million in power tools (0.7% market share).
- Export Target: India aims to capture 25% of the global hand tools market and 10% of the power tools market, achieving $25 billion in exports.
- Job Creation: The initiative is expected to generate approximately 35 lakh jobs.
- Challenges: India faces a 14–17% cost disadvantage compared to China due to higher structural costs, raw material expenses, and logistics.
- Recommendations: Developing world-class industrial clusters, fostering innovation, empowering MSMEs, and addressing structural cost disadvantages.
Question:
Q.1 What is the projected value of the global hand and power tools market by 2035, according to the NITI Aayog report?a) $150 billion
b) $190 billion
c) $125 billion
d) $175 billion
Answer: b) The report projects that the current global market of $100 billion is expected to grow to $190 billion by 2035.
