New Delhi, Dec 8 (IANS): India is poised for significant growth in hardware exports after recording a remarkable 15 per cent year-on-year growth in 2023 reflecting the country's strengthening foothold in the global market, Ashwani Kumar, President, Federation of Indian Export Organisations (FIEO) has said.

He made the remark while addressing the International Hardware Fair at Pragati Maidan in the national capital.

Over 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 the hardware sector presents huge export opportunities for Indian MSMEs and this fair will help in showcasing their quality goods.

"India's competitive edge, innovation and cost-effectiveness have positioned it as a key player in the global hardware market, particularly in machinery, electrical and electronic equipment," he said.

The country has achieved the distinction of becoming the fifth-largest major economy globally, with a collective vision to attain a $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, the 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 per cent."

"To sustain this momentum, we aim for a 14 per cent CAGR, achievable given the supportive ecosystem and India's technological prowess," he said.

Government initiatives such as the Production Linked Incentive Scheme and a renewed focus on R&D are central to this success, he added.

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."

With India's furniture hardware market projected to grow at a CAGR of 15.49 per cent 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.