New Delhi, April 18 -- Tools manufacturing sector presents a significant opportunity for India to enhance its export footprint, create jobs, and establish itself as a competitive player on the world stage, a joint report by NITI Aayog and the Foundation for Economic Development asserted.

With a global trade market valued at USD 100 billion in 2022, the tools industry size is projected to reach USD 190 billion by 2035.

According to the joint report launched recently, India's share remains a fraction, with exports of USD 600 million in hand tools and USD 425 million in power tools.

China's has near 50 per cent market dominance in this space.

"This dominance is attributed to its scale of operations, cost efficiencies, and well-establishe...