Overview

• India's tools export industry aims to grow from its current minimal market share to $25 billion by 2035, potentially creating 3.5 million jobs.
• The global tools market is expected to nearly double from $100 billion to $190 billion by 2035, presenting significant growth opportunities.
• US tariffs on China and rising production costs in Chinese manufacturing create a unique opening for India to expand its market presence.
• India faces a 14-17% cost disadvantage compared to China, necessitating structural reforms and industrial clustering to improve competitiveness.
• The NITI Aayog report recommends creating world-class clusters, implementing labor reforms, and providing bridge support to address cost barriers and scale production.