When it comes to culture and arts, India is a very rich country. The people of India are greatly involved in creating high quality Indian handicrafts. You can find a variety of handicraft products available in the Indian market that have earned immense popularity in the global market as well. These handicrafts represent the traditions and culture of India. They are used in important means to preserve the country’s rich heritage, culture and traditional art, talents and skills. Indian one among the key manufacturer and supplier of Indian handicrafts products.
These products offer great opportunities for employment and has become an important means for foreign earnings. The handicraft industry in India is quite labor intensive, decentralized and cottage based. It is spread around the whole country, mainly in rural areas and small towns. In addition, this industry is a key income source for the rural people, including a large portion of men and women belonging to weaker sections of Indian society. The handicrafts Industry of India plays a very essential role in Indian economy and contribute greatly to the Indian economy success.
Strengths of Handicrafts Industry:
- Large, potential and diversified market.
- It has strong, supportive and diversified retail infrastructure.
- There is a big product range and variety available due to diversified culture.
- Diversified products range that caters to different market needs.
- Need low capital investments.
- Cheap labor rates which result in competitive prices.
- There is quite flexible production.
- Low barriers of newer entry.
Important Success Factors and Advantages:
- Easy development and creation of production centers.
- The industry provides possible sources of employment.
- There is no requirement for macro-investments.
- The products are highly value added, and the handicrafts have different applications.
- It’s a possible source of foreign revenues because of its higher export demand.
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