India to witness major growth in hardware export: FIEO CEO

New Delhi: India is poised for significant export growth in hardware exports as it demonstrated a remarkable 15% year-on-year growth in 2023, Ashwani Kumar, President, Federation of Indian Export Organizations (FIEO) said on Saturday. He was addressing gathering after inaugurating the second edition of the International Hardware Fair India at Pragati Maidan here.

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, he said.

Highlighting India’s export momentum and ambitious goals, Ajay Sahai, Director General and CEO, Federation of Indian Export Organizations (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%."

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

Milind Dixit, Managing Director, Koelnmesse Pvt Ltd, said " With the steady growth of India’s economy and increased infrastructure spending, there is a rising demand for hardware and building materials. "

Organized by Koelnmesse, the event features over 250 exhibitors, international pavilions from China, Korea, Italy, and Taiwan, and welcomes more than 10,000 trade visitors from over 35 countries. With India’s furniture hardware market projected to grow at a CAGR of 15.49% 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.