Great opportunity in the hand and power tool, exports can reach $ 25 billion: Niti Aayog

New -Delhi, April 15 (IANS). Niti Aayog said on Tuesday that the country has a major opportunity in the hand and power instrument sector and exports could be raised to $ 25 billion in the next ten years. The commission said in a report that the global market of the hand and power tool sector is currently $ 100 billion, which is likely to rise by 2035 to about $ 190 billion. The Hand Tool market is expected to increase from $ 34 billion to $ 60 billion and the power tool market to amount to $ 134 billion compared to $ 63 billion. Currently, China is dominated by hand and the export of power tools. The interest in the hand tools is 50 percent and 40 percent in the power instrument. At the same time, India owns 1.8 percent and 0.7 percent respectively. Hand and power tools include hand and electrical tools provided by plumbers, electricians, mechanics, etc. Be used. The report said that the export of India by 2035 will increase India’s exports in the region from one billion dollars to $ 25 billion. 35 Lakh people will also find work. However, some necessary changes have also been recommended. Suman Berry, Deputy Chairman of Niti Aayog, emphasized the reduction of compliance costs, engineering and skills development, bridge financing and commercialization of innovation for the development of this industry. He said it was a labor -based area and that the state governments should facilitate the compliance rules. He said this industry is thriving to China in Germany, as skills are available in large quantities. BVR Subramaniam, CEO of Niti Aayog, said this industry is thriving in the group. There is a large group in Punjab. There is a group around Delhi, a group in Gujarat. There is no big industry. There are small businesses, MSMEs that form them. He said US rates at this time could be less than China and other countries, and if properly noticed, the results could be revealed within six to eight months. The program director Sanjit Singh at Niti Aayog offered a presentation on possibilities in hand and power instrument in the program. He said that the export of hand tools will increase from Rs 5.700 crore to Rs 1.25,000 crore by the year 2035. At the same time, the number of people who find work will increase from the current 10 thousand to 24 lakhs. The export of power tools is expected to increase from Rs 4,800 crore to Rs 1.00,000 crore and employment is expected to increase from 67 thousand to 13,87,000. He said its progress has so far been disrupted due to the high cost of raw materials, high import duties on steel and other raw materials, the high cost of logistics and power, expensive capital and progress in technology. The commission recommended the construction of world -class groups, consent for 300 hours overtime per year and extend the permission of the daily ten hours to promote the region. It is also recommended to provide cheap electricity and land. The commission said that the maximum limit of compensation on overtime as Western countries could be limited on one and a half times the original compensation. Dr. VK Saraswat, a member of the Niti Aayog, said we should also see how much we should import for exports, because we also depend on imports for many parts of the final product. He said that apart from this, there should also be attention to research and development. Currently, ten Indian businesses are making power tools, but no one is originally Indians. These are foreign businesses that run their Indian unit in collaboration with an Indian company. He said there is nothing in the name of Indian in terms of design and technology. Another member of Niti Aayog, Arind Virmani, said the states should also understand its importance. Labor, land and electricity are under the jurisdiction of state governments. By giving subsidy to domestic consumers, more electricity is charged from the industry, while the truth is that if the industry grows, ordinary people will get better employment and have more money. Ashwani Kumar, president of the Federation of Indian Export Organizations, spoke to the IANS news agency on the part of the program, saying that the hand and power tool sector will be the largest sector in ten years from today. This Niti Aayog report shows the road map on how to make it an $ 25 billion export market from one billion dollars. This will make a great contribution in the creation of developed India in a very short time. Sanjit Singh told Ians that the next five ten years are very important in achieving Prime Minister Narendra Modi’s goal of achieving ‘developed India’ and ‘make in India’. The sector for the hand and power tools in our changing MSME sector is moving very quickly. If we walk this road map from today, the path will be easy. -Ians Ekde/