New Delhi, December 8 (IANS). Ashwini Kumar, President of Federation of Indian Export Organization (FIEO), has said that India’s hardware exports are set to grow rapidly in the coming times after achieving 15 percent annual growth rate in 2023.
He gave this statement while addressing the International Hardware Fair at Pragati Maidan in the national capital.
More than 250 exhibitors and 10,000 trade visitors from 35 countries are participating in the event. International pavilions have been set up by exhibitors from China, Korea, Italy and Taiwan.
Kumar said that the hardware sector presents huge export opportunities for Indian MSMEs and this fair will help in showcasing their quality goods.
He further said, “India’s competitive edge, innovation and cost-effectiveness have established it as a major player in the global hardware market (especially machinery, electrical and electronic components).”
According to Kumar, the country has achieved the distinction of becoming the fifth largest major economy globally and our joint goal is to become a $5 trillion economy by 2027.
Highlighting India’s exports and ambitious targets, Ajay Sahay, Director General and CEO, FIEO, said, “India is poised for a big boom in exports with a target of $2 trillion by 2030. In recent years, our exports have reached $478 billion. to $778 billion, showing a strong compound annual growth rate (CAGR) of over 8 percent.”
“To maintain this momentum, we aim to grow at 14 per cent CAGR, which is achievable given the supportive ecosystem and technology power of India,” he said.
He further said that the Production Linked Incentive (PLI) Scheme and focus on research and development will be a major reason for its success.
–IANS
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