NEW DELHI: The union government has allocated Rs 3,000 crore to boost domestic manufacturing of power tools in an effort to increase India’s share in the global market. The industry body representing power and hand tool manufacturers welcomed the move and praised the government’s post-pandemic initiatives. It noted that these steps are expected to reduce import dependence, retain value within the country, and generate substantial employment opportunities.
NITI Aayog has set ambitious targets to raise India’s share in the global market to around 25% for hand tools and 10% for power tools over the next decade through reforms, manufacturing clusters, and export-led initiatives. Currently, India accounts for approximately 2% of the global market share in hand tools and less than 1% in power tools, indicating a marginal presence in the international export landscape. However, industry experts believe India has significant potential and is making strategic moves to improve its position.
To align with these goals, an industry exposition was organized in Mumbai to promote government initiatives and draw the attention of investors and domestic manufacturers. Yogesh Mudras, Managing Director of Informa Markets in India, said, “The tools industry is a critical enabler of global manufacturing, driving efficiency and productivity across construction, automotive, electronics, and infrastructure. India is positioned as an emerging contender.”
The 23rd edition of the Hand Tools & Fasteners Expo and the 14th edition of the International Exhibition on Cutting and Welding Materials were inaugurated by Informa Markets in India at the Bombay Exhibition Centre. The three-day event, which concludes on September 29, has been co-located with the Used Machinery Expo and the International Machine Tools Expo. It has attracted over 150 leading Indian and international brands and thousands of attendees from across India and overseas.
With strong government backing and sustained investments from Indian manufacturers, the expo is expected to play a pivotal role in driving growth in the sector and contribute to long-term economic benefits. Highlighting further opportunities, Wouter Molman, Chief Commercial Officer of Informa Markets, said, “There are opportunities in upgrading quality, manufacturing automation, and moving up the value chain with precision tools, specialized cutting tools, and high-grade welding consumables.”