The Government’s “Atmanirbhar Bharat” initiative aims to elevate manufacturing standards, especially for MSMEs, RK Rai, Director, Office of Development Commissioner, Ministry of MSME said.
Delving into the significance of the hardware industry in India’s manufacturing landscape, Rai said, “The Indian hand tools market was valued at USD 342.8 million in 2022, with a projected CAGR of 4.3 per cent, reaching USD 416.2 million by 2029.
He said India is set to rival China in the Asia-Pacific hand tools market. “Additionally, the industrial fasteners market is expected to hit INR 460 billion by 2023, growing at a strong 9.6 per cent CAGR since 2018,” he said.
India’s Hardware & Building Materials market is also thriving, with a projected 1.68 per cent growth rate (CAGR 2023-28) globally, contributing a 1.2 per cent share in global exports, Rai said during the first edition of International Hardware Fair India (IHF India) here.
The three-day IHF India which showcased the impressive growth of the hardware industry in India concluded on Monday at Pragati Maidan here.
The event focused on diverse segments, including building material hardware, automotive supplies and accessories, cutting and welding equipment, premium hand tools and power tools.
Organized by Koelnmesse Pvt Ltd, the inaugural edition was powered by EISENWARENMESSE –International Hardware Fair Cologne, Germany. The extensive hardware assembly brought together industry luminaries, leading manufacturers, the buyer’s community, policy influencers, and crucial stakeholders; providing a professional platform for the entire hardware community.
Apart from Rai, other key dignitaries who attended the inauguration ceremony were Arun Kumar Garodia, Chairman, Engineering Export Promotion Council of India, and Milind Dixit – Managing Director, Koelnmesse Pvt Ltd.
With over 200 international exhibitors, the fair attracted more than 7000 trade buyers. Participating countries included India, Taiwan, Germany, China, Turkey, Korea and more.