Indian handicrafts exports may cross Rs 24,000 cr by 2020: Study
Updated: Jun 29, 2015 04:10:13pm
New Delhi, June 29 (KNN) India’s handicrafts exports are likely to cross Rs 17,000 crore by the end of current fiscal year of 2015-16 and is further expected to cross Rs 24,000 crore by FY 2020-21, according to a report.
A study titled ‘Infusing vibrancy into Indian handicrafts sector’ by industry body Assocham noted that clocking a compounded annual growth rate (CAGR) of about 5.3 per cent during the 11 years period between 2001-02 and 2011-12, India’s handicrafts exports had crossed Rs 12,900 crore mark in FY 2011-12.
The study said government in partnership with private sector needs to encourage integrated enterprise development by providing supporting services such as local centres for skill training, product adaptation, vocational training and entrepreneurship development.
In 2014-15, the country's handicrafts exports stood at about Rs 9,000 crore.
In the study, the chamber has suggested that the exporting community should invest in research and development and keep on upgrading their capabilities to provide a variety of products.
They should adopt a long-term horizon in terms of building relationship with buyers instead of a transaction-oriented approach they should forge a relationship-based approach to engage in long term business development to help them in making judicious decisions in terms of pricing policies, product packaging and choice of distribution channels, it said.
It also suggested that promotion methods like building brand image, conducting road shows and craft festivals in target countries and also point of sale publicity through attractive display and banners together with marketing tools like innovative and appealing packaging need to be extensively used by the government and Export Promotion Councils.
Government facilitation for creation of niche markets for Indian products, opening showrooms and warehouses in select countries according to their current market size, import values and others are certain key suggestions to improve handicrafts exports from India, it said. (KNN Bureau)
A study titled ‘Infusing vibrancy into Indian handicrafts sector’ by industry body Assocham noted that clocking a compounded annual growth rate (CAGR) of about 5.3 per cent during the 11 years period between 2001-02 and 2011-12, India’s handicrafts exports had crossed Rs 12,900 crore mark in FY 2011-12.
The study said government in partnership with private sector needs to encourage integrated enterprise development by providing supporting services such as local centres for skill training, product adaptation, vocational training and entrepreneurship development.
In 2014-15, the country's handicrafts exports stood at about Rs 9,000 crore.
In the study, the chamber has suggested that the exporting community should invest in research and development and keep on upgrading their capabilities to provide a variety of products.
They should adopt a long-term horizon in terms of building relationship with buyers instead of a transaction-oriented approach they should forge a relationship-based approach to engage in long term business development to help them in making judicious decisions in terms of pricing policies, product packaging and choice of distribution channels, it said.
It also suggested that promotion methods like building brand image, conducting road shows and craft festivals in target countries and also point of sale publicity through attractive display and banners together with marketing tools like innovative and appealing packaging need to be extensively used by the government and Export Promotion Councils.
Government facilitation for creation of niche markets for Indian products, opening showrooms and warehouses in select countries according to their current market size, import values and others are certain key suggestions to improve handicrafts exports from India, it said. (KNN Bureau)
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