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Govt’s ‘Atmanirbhar Bharat’ initiative aims to elevate manufacturing standards, especially for MSMEs: Official

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.

Press Coverage By:thestatesman.com