Indian handicrafts have been creating quite a buzz in the market since the last few years. The handicraft industry overall has a market value of $100 billion worldwide while India merely has 1.2% of contribution to the aforementioned figure. When it comes to the top three exporters of handicrafts worldwide, it is China, Indonesia and Vietnam.
The Indian handicrafts industry has been consistently showing signs of improvement. But the matter of fact is that it is way far from claiming the first three slots. The Indian government does everything its power to give top priority to lay down rules and regulations and schemes for the promotion of handicrafts and hand loom products marketing.
There are several small exporters that owe their business’ under-performance to three principle factors. These include access to the developed market related information, their small size and the use of obsolete machinery or technology.
The Indian handicrafts market has many USP's for help it to become the one of the main exporters globally in the handicrafts industry. These factors include easy availability of labour that come at a cheap price; easy availability of raw materials and last but not the least, high domestic consumption.
The handicrafts industry is a source of livelihood for over six million artisans. A big chunk of the aforementioned figure is constituted by women artisans who are usually from the undeveloped sections of the society. Countries like Canada, USA, France, Italy, Britain and Germany have been among the top importers of Indian handicrafts products. The most encouraging sign is the development in sectors such as retail, real estate etc. This in turn has increased the demand for the handicraft products in the urban sector.
However, despite of all the positive signs, there are some problem areas which the Indian handicrafts industry is plagued with. These are as follows:
Lack of application of new technological innovations in spite of being aware of them.
Lack of funds for setting up the manufacturing base which are very necessary for the growth of the Indian handicrafts.
Inability to stay in touch with the ever changing market demands and trends.
The Image problem for the Indian handicrafts is a real thing. The industry is confined mostly to rural areas and small cities. Hence the new generation doesn’t consider it as a lucrative career option.
But, on a brighter side, slowly but gradually, things seem to be improving for the Indian handicrafts sector. Start-ups are taking interest in promotion and manufacturing of the Indian handicrafts on a large scale basis. There are some handicrafts exporters who are even making use of online media as a distribution channel for tapping the western market. Thus, Indian handicrafts exporters are on the way to achieving the remarkable success that they truly deserve.