♦ NITI Aayog launched a report on Hand and Power tools sectors – ‘Unlocking $25+ Billion Export Potential - India’s Hand & Power Tools Sector’.

♦ The global trade market for power and hand tools, valued at $100bn, is projected to reach Rs. 16,25,830 crore (US$ 190 billion) by 2035.

♦ Hand tools are expected to expand from Rs. 2,90,938 crore (US$ 34 billion) to Rs. 5,13,420 crore (US$ 60 billion). In contrast, power tools, including tool accessories, are anticipated to surge from Rs. 5,39,091 crore (US$ 63 billion) to Rs. 11,46,638 crore (US$ 134 billion).

♦ India currently has a smaller presence in the global market, exporting Rs. 5,134 crore (US$ 600 million) in hand tools (1.8% market share) and Rs. 4,022 crore (US$ 470 million) in power tools (0.7% market share). 

♦ However, the report highlights that India can potentially capture a larger global market share, targeting Rs. 2,13,925 crore (US$ 25 billion) in exports over the next decade.

♦ This could create approximately 35 lakh jobs by achieving a 10% market share in power tools and 25% in hand tools.