NITI's $25B export plan to boost local manufacturing: Suman Bery

Suman Bery, the Vice Chairman of NITI Aayog, stated that the $25 billion export strategy aimed at enhancing India's hand and power tools sector is focused not only on seizing international opportunities but also on establishing favorable domestic conditions for Indian enterprises to thrive.

"Our competitiveness in this field is not just about avoiding tariffs," Bery said at a press conference. In a conversation with IANS, the Vice Chairman of NITI Aayog stated: "It’s essential to ensure that our local manufacturers get the protection and environment they require to compete on a global scale." 

The roadmap consists of essential reforms like strengthening testing and certification infrastructure, streamlining export compliance processes, boosting access to finance, and incorporating micro, small, and medium enterprises (MSMEs) into international supply chains.

These measures aim to enhance long-term resilience and minimize obstacles in the development trajectory of Indian manufacturers.

"Currently, India holds just over 1 per cent of the global hardware exports market. But with targeted reforms, this figure could grow substantially," he added.

The strategy seeks to open up more than $25 billion in exports in the upcoming years and is a component of NITI Aayog's broader initiative to pinpoint 'Global Business Champions' in various sectors and enhance India's position in global supply chains. The President of the Federation of Indian Export Organisations (FIEO), Ashwani Kumar, stated that the hand and power tools industry has the potential to be one of the largest exporters in the coming ten years.

"This roadmap will have a significant impact on India's journey towards becoming a developed nation," he told IANS.

Sanjeet Singh, Programme Director of NITI Aayog, informed IANS that the next 5-10 years are vital for India's change. As the MSME sector progresses swiftly, India has already captured 35 percent of the export market share in this area.