India is on track for substantial growth in hardware exports, having recorded a remarkable 15% year-on-year increase in 2023, Ashwani Kumar, President of the Federation of Indian Export Organizations (FIEO), said on Saturday. Speaking at the inauguration of the second edition of the International Hardware Fair India at Pragati Maidan, Kumar highlighted the country’s rising global economic stature.
“India has become the fifth-largest major economy in the world, with a collective vision of reaching a USD 5 trillion economy by 2027, fueled by strong growth, strategic government policies, and a young, aspirational population,” Kumar said.
Echoing these sentiments, Ajay Sahai, Director General and CEO of FIEO, emphasized India’s export momentum and future targets. “India is poised for significant export growth, aiming for a $2 trillion export target by 2030. Our exports have surged from $478 billion to $778 billion in recent years, reflecting an impressive compound annual growth rate (CAGR) of over 8%,” Sahai added.
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He further stated that to sustain this growth, India is targeting a 14% CAGR, driven by a supportive business ecosystem and the country’s advancing technological capabilities.
Milind Dixit, Managing Director of Koelnmesse Pvt Ltd, pointed to the increasing demand for hardware and building materials, driven by India’s economic growth and escalating infrastructure investments.
Organized by Koelnmesse, the event features over 250 exhibitors, including international pavilions from China, Korea, Italy, and Taiwan. It also attracts more than 10,000 trade visitors from over 35 countries. The Indian furniture hardware market, projected to grow at a CAGR of 15.49% from 2024 to 2029, is expected to expand from $3.04 billion in 2024 to $6.26 billion, underscoring the sector’s transformative potential.
The fair underscores India’s rising profile in the global hardware market, positioning it as a key player in the sector’s dynamic expansion.