China's woes offer India a chance in $100 bn tools mkt

India's tiny share of the global tools trade can be scaled up substantially with dominant market leader China struggling with tariffs and increasing costs, according to a report from central government think tank Niti Aayog released on Tuesday.

- Rhik Kundu

India can build a $25-billion export-driven tools industry by 2035 while overcoming structural barriers and cost disadvantages with the right mix of bold policy reforms, global-scale manufacturing clusters, and public-private collaboration, the think tank said in the report. The tools industry comprises essential hand-held equipment used across industries for tasks like drilling, cutting, and fastening, supporting both industrial and everyday applications.