India’s Hardware Exports Surge by 15% Year on Year Growth in 2023

New Delhi, Dec 7 (KNN) India’s hardware exports have surged by an impressive 15 per cent year-on-year in 2023, reflecting the nation’s strengthening foothold in the global market, according to Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO).

Speaking at the second edition of the International Hardware Fair India, Kumar underscored India’s ascent as the world’s fifth-largest economy and its ambitious vision of reaching a USD 5 trillion economy by 2027.

This growth trajectory is propelled by strategic government initiatives, a dynamic startup ecosystem, and a young, aspirational workforce.

“The Indian hardware sector is poised for significant growth, buoyed by increasing internet penetration and a favourable business environment,” Kumar stated.

Ajay Sahai, Director General and CEO of FIEO, highlighted India’s ambitious export growth targets. “India aims to achieve USD 2 trillion in exports by 2030, a leap from the current USD 778 billion, which already marks a compound annual growth rate (CAGR) of over 8 per cent.

Sustaining this momentum with a 14 per cent CAGR is well within reach given India’s technological advancements and supportive policies,” he said.

Sahai also emphasised the exceptional performance of sectors like machinery, hand tools, automobiles, electronics, and medical equipment, all outpacing global import growth rates.

Government initiatives such as the Production Linked Incentive Scheme and a renewed focus on R&D are central to this success.

The International Hardware Fair India, organised by Koelnmesse India Pvt Ltd and powered by EISENWARENMESSE, features over 250 exhibitors and has drawn more than 10,000 trade visitors from 35+ countries.

The three-day event showcases cutting-edge innovations and fosters global collaborations, underscoring the transformative potential of India’s hardware sector.

Notably, India’s furniture hardware market is projected to grow at a CAGR of 15.49 per cent from 2024 to 2029, expanding from USD 3.04 billion to USD 6.26 billion.

This underscores the sector’s dynamic expansion, reflecting India’s growing stature as a global hardware hub.

With a thriving export ecosystem and strategic vision, India is well-positioned to achieve its economic aspirations while setting new benchmarks in global trade.

(KNN Bureau)

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