According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM) report, due to increasing demand in Western Markets, the handicrafts exports are expected to get double in the current fiscal upto Rs 17,000 crore and further increase to Rs 24,000 crore by FY 2020-21.
The report further stated that the exporters should majorly focus on the areas like innovation, technology upgradation, design and sufficient financing to increase production and competition in the global market. It suggested that the exporting community should invest in research and development and also upgrade their capabilities to provide variety of products.
According to study conducted by the ASSOCHAM, at the Compounded Annual Growth Rate (CAGR) of about 5.3% during the 11 years period between 2001-02 and 2011-12 the handicraft export had crossed Rs 12,900 crore in FY 2011-12. The ASSOCHAM Economic Research Bureau (AERB) has arrived at the aforesaid projection on the basis of average of CAGR of India’s handicrafts exports (5.3 per cent) and world merchandise exports that have grown at CAGR of about nine per cent during 2001-02 and 2011-12.
The industry body suggested that exporting community should build a good relation to have a long term business development - just being transaction oriented won’t help. In order to improve handicrafts export, it also suggested that Government should take a relevant action for the creation of niche market for Indian products, opening showrooms and warehouses in the selected countries according to the import values.
The report further stated that the exporters should majorly focus on the areas like innovation, technology upgradation, design and sufficient financing to increase production and competition in the global market. It suggested that the exporting community should invest in research and development and also upgrade their capabilities to provide variety of products.
According to study conducted by the ASSOCHAM, at the Compounded Annual Growth Rate (CAGR) of about 5.3% during the 11 years period between 2001-02 and 2011-12 the handicraft export had crossed Rs 12,900 crore in FY 2011-12. The ASSOCHAM Economic Research Bureau (AERB) has arrived at the aforesaid projection on the basis of average of CAGR of India’s handicrafts exports (5.3 per cent) and world merchandise exports that have grown at CAGR of about nine per cent during 2001-02 and 2011-12.
The industry body suggested that exporting community should build a good relation to have a long term business development - just being transaction oriented won’t help. In order to improve handicrafts export, it also suggested that Government should take a relevant action for the creation of niche market for Indian products, opening showrooms and warehouses in the selected countries according to the import values.