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?

Question

Accepted Answer

Both 1 and 2 — Both statements are correct. The NITI Aayog and FED report aims to scale India's tools exports to over $25 billion by 2035, specifically targeting a 25% global share in hand tools and 10% in power tools. This strategy is designed to capitalize on supply chain shifts away from China, which currently commands roughly 50% of the global market.