New Delhi: With a remarkable 15% year-on-year growth last year, India is now set to witness a surge in hardware exports, Federation of Indian Export Organizations (FIEO) President Ashwani Kumar said on Saturday. He mentioned this while speaking at the inauguration of the 2nd edition of the International Hardware Fair India at Pragati Maidan.
Kumar highlighted that India is now recognized as the fifth-largest major economy in the world, aiming for a target of USD 5 trillion by 2027. He further reflected on India’s collective vision driven by strategic government projects, robust growth trajectory, and a young, aspirational population.
Milind Dixit, Managing Director, Koelnmesse Pvt Ltd noted, “With India’s steady growth in economy and infrastructural spending, there is a growing demand for hardware & building materials.”
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Director General and CEO of FIEO, Ajay Sahai also emphasized the country’s export momentum and future ambitions, stating, “India is set to experience significant export growth, with an aim of $2 trillion by 2030. Our exports have surged in recent years from $478 billion to $778 billion, reflecting a robust compound annual growth rate of over 8%.”
He further added, “To sustain this momentum, our target is 14% Compound Annual Growth Rate (CAGR), which can be achieved with a supportive ecosystem and technological prowess.”
About The Event
The event was organized by Koelnmesse featuring over 250 exhibitors, and international pavilions from China, Korea, Italy, and Taiwan. It welcomed over 10,000 trade visitors from more than 35 countries. According to reports, India’s furniture hardware market is expected to grow at 15.49% CAGR from 2024 to 2029, expanding from $3.04 billion in 2024 to $6.26 billion. The event highlighted the sector’s remarkable growth and transformative potential.
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