The Indian handicraft industry is one of the fastest growing handicraft industry in India because in the fiscal year of 2019-20, our handicraft industry is going to touch the net worth of 1500 billion dollars.
With the development of residential, commercial, official & institutional development the need of furniture has been increased. Nearly more than 75% of furniture is produced by small business players. It has more demand in the metro cities, tier I and II cities.
With the rising demand of furniture the obvious need of timber wood will also increase. Mostly the timber wood of sandalwood, red sandal, pine, maple, oak are needed to make furniture. India is the net importer of wooden timber and based products. That is why the Indian Economic rate growth is measured as 6% with high inflation rate.
It is predicted that in the 2018 ending the need of the timber wood will be needed in the quantity of more than 150 million cubic meter. This is enough to say that the India cannot satisfy its wooden timber demand by using its own natural resources.
There is needed to be the stimulation of wooden furniture industry so there are many programmes designed by the Government like - make in India, start up India, Digital India, smart cities and many more which have decided to establish large quantity of manufacturing industries in India and have the motive to employ more than 80 million people. There are also the additional efforts being implemented by the Government initiative which will also create employment in the furniture and handicraft industry.
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