Centre sanctions Rs 3000 crore to boost domestic manufacturing of power tools in India

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.”

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