NITI Aayog Releases Hand and Power Tools Export Report
In News
What Happened
Why It Matters
Background
History & Context
What Changed
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Export Volume and Market Share: BEFORE, India exported only $600 million in hand tools (1.8% global share) and $425 million in power tools (0.7% share). NOW, the roadmap targets $15 billion in hand tools (25% share) and $12 billion in power tools (10% share) by 2035.
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Manufacturing Infrastructure: BEFORE, production was largely fragmented across traditional, small-scale MSME clusters. NOW, the policy proposes building 3-4 mega manufacturing clusters spanning 4,000 acres with a cumulative government and industry investment of ₹57,000 crore.
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Policy and Financial Support: BEFORE, exporters relied on standard RoDTEP incentives (around 0.9-1.1%). NOW, the report recommends critical market reforms, including reducing import duties on raw materials and components, alongside a targeted ₹5,800 crore bridge support over five years.
Prelims Angle
NCERT Connection
Practice Questions
Q1
Correct Statement(s)With reference to the NITI Aayog report 'Unlocking $25+ Billion Exports: India’s Hand & Power Tools Sector', consider the following statements: 1. The roadmap targets achieving a 25% global market share in hand tools and a 10% market share in power tools by 2035. 2. China currently controls approximately half of the global trade in the hand and power tools market. Which of the statements given above is/are correct?