India’s hardware exports have demonstrated a remarkable 15 per cent year-on-year growth in 2023, highlighting the country’s burgeoning competitiveness in the global market, said Ashwani Kumar, President, the Federation of Indian Export Organisations (FIEO) on Friday.

He said India has achieved the distinction of becoming the fifth-largest major economy globally, with a collective vision to attain a USD 5 trillion economy by 2027, driven by a robust growth trajectory, strategic government initiatives, and a young and aspirational population.

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“The Indian hardware sector is poised for significant growth, driven by a favorable business environment, a thriving startup ecosystem, and increasing internet penetration,” Kumar said during the second edition of the International Hardware Fair India here.

Highlighting India’s export momentum and ambitious goals, Dr. Ajay Sahai, Director General and CEO of FIEO said, “India is poised for significant export growth, with a target of $2 trillion by 2030. In recent years, our exports have surged from $478 billion to $778 billion, demonstrating a robust compound annual growth rate of over 8 per cent.”

“To sustain this momentum, we aim for a 14 per cent CAGR, which is achievable given the supportive ecosystem and India’s technological prowess,” he said.

“Key sectors such as machinery, hand tools, automobiles, electronics, and medical equipment are outperforming global import growth rates. India’s strategic initiatives, including the Production Linked Incentive Scheme and the focus on R&D, are further bolstering these sectors,” he added.

Over 250 exhibitors and more than 10,000 trade visitors from over 35 countries are showcasing innovations and fostering global collaborations during the three-day event which commenced on Friday. Organised by Koelnmesse India Pvt Ltd, the second edition was powered by EISENWARENMESSE. With India’s furniture hardware market projected to grow at a CAGR of 15.49 per cent from 2024 to 2029, expanding from $3.04 billion in 2024 to $6.26 billion, the event highlights the sector’s dynamic growth and transformative potential.