![Indian handicrafts need new vision to compete globally](https://magarticles.magzter.com/articles/10402/403430/5e2598ae1690e/Indian-handicrafts-to-expand-its-market-abroad.jpg)
When we talk of handicrafts, a beautiful image comes to our mind; an image full of artistic complexion, creative delicacy and beautiful appearance. Handicrafts mirror the cultural identity of the people who make it.
Today, the handicraft industry has become a big economic agent in transforming the lives of millions across the country. Industrialization plays a vital role in the development process of an economy by transforming its growth linkages from agriculture to manufacturing. The handloom and handicraft sector is considered as one of the important sectors to generate gainful economic activities in rural areas.
The handloom and handicraft sector comprises of rural micro-enterprises and is family-oriented in its operations. It is a labour intensive and can be established with a relatively lesser amount of capital and is suitable for the rural masses.
Handicrafts’ impact on the overall economy
The handicraft industry provides employment to a vast segment of craft persons in rural and semi-urban areas and generates substantial foreign exchange for the country while preserving its cultural heritage. Handicrafts have a great potential, as they hold the key to sustaining not only the existing set of millions of artisans spread over the length and breadth of the country, but also for the increasingly large number of new entrants in the crafts segment.
Backed by promotional and developmental activities by the government, the handicraft sector has grown steadily over the years. According to the Ministry of Textiles, the aggregate output of the sector has increased over 40% in the past five years from ₹36,275 crore in 2013-14 to ₹49,475 crore in 2018- 19. The sector is estimated to employ 68.86 lakh artisans at present.
Globalization and handicrafts industry
This story is from the January 16-31, 2020 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 16-31, 2020 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
![Elections 2024: Illusion & Reality](https://reseuro.magzter.com/100x125/articles/10402/1725470/tFtg9Bf8S1719493077916/crp_ELECTIONS-2024-ILLUSION-REALITY.jpg)
Elections 2024: Illusion & Reality
Whenever there is an election, we find the politicians speaking in hyperboles – and possibly, 2024 Lok Sabha has reached a crest.
![Government initiatives aim to bolster rubber cultivation and innovation](https://reseuro.magzter.com/100x125/articles/10402/1725470/1di7YNSEl1719492941036/GOVERNMENT-INITIATIVES-AIM-TO-BOLSTER-RUBBER-CULTIVATION-AND-INNOVATION.jpg)
Government initiatives aim to bolster rubber cultivation and innovation
Rubber tree plantation has seen significant growth in India, thanks to robust government oversight and favorable weather conditions.
![Macron speaks on Europe's economic fragility](https://reseuro.magzter.com/100x125/articles/10402/1725470/N5zVHYEJv1719492862836/MACRON-SPEAKS-ON-EUROPES-ECONOMIC-FRAGILITY.jpg)
Macron speaks on Europe's economic fragility
Many heads of state often speak on topics over which they have little control or vested interest.
![Indian industries stand to benefit in raising of tariff on Chinese imports to the US](https://reseuro.magzter.com/100x125/articles/10402/1725470/S2QZHK0B_1719492806766/INDIAN-INDUSTRIES-STAND-TO-BENEFIT-IN-RAISING-OF-TARIFF-ON-CHINESE-IMPORTS-TO-THE-US.jpg)
Indian industries stand to benefit in raising of tariff on Chinese imports to the US
A delicate balance of power and influence exists between the United States of America and China.
![Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe](https://reseuro.magzter.com/100x125/articles/10402/1725470/-ybMpyDDW1719492678598/CHABAHAR-PORT-AGREEMENT-PART-OF-INDIAS-STRATEGIC-AND-ECONOMIC-VISION-FOR-CENTRAL-ASIA-AND-EUROPE.jpg)
Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe
On May 13, India and Iran signed a 10-year contract to operate the Chabahar port in Iran.
![It is quite incredible to see things of interest happen with the blessings of the divine trio](https://reseuro.magzter.com/100x125/articles/10402/1725470/VRAUcsu_91719492343087/IT-IS-QUITE-INCREDIBLE-TO-SEE-THINGS-OF-INTEREST-HAPPEN-WITH-THE-BLESSINGS-OF-THE-DIVINE-TRIO.jpg)
It is quite incredible to see things of interest happen with the blessings of the divine trio
Swamiji once said, “The wind of divine grace is always blowing. You just need to spread your sail.
![The battle for sustainability: Earth Day's message of 'Planet vs. Plastics](https://reseuro.magzter.com/100x125/articles/10402/1725470/jTRUoINjI1719492136927/THE-BATTLE-FOR-SUSTAINABILITY-EARTH-DAYS-MESSAGE-OF-PLANET-VS-PLASTICS.jpg)
The battle for sustainability: Earth Day's message of 'Planet vs. Plastics
World Earth Day, observed annually on April 22 worldwide, commemorates contemporary environmental advancements and promotes awareness of the imperative to conserve Earth and its resources.
![Mother Teresa International Award 2024: Celebrating Humanity and Service](https://reseuro.magzter.com/100x125/articles/10402/1725470/QwOH0bZ8Y1719491979104/MOTHER-TERESA-INTERNATIONAL-AWARD-2024-CELEBRATING-HUMANITY-AND-SERVICE.jpg)
Mother Teresa International Award 2024: Celebrating Humanity and Service
The Mother Teresa International Award, a prestigious honor recognizing individuals dedicated to serving humanity, will host its 2024 ceremony in Dubai, United Arab Emirates.
![Can India get out of the middle income trap?](https://reseuro.magzter.com/100x125/articles/10402/1725470/E8JElxzKK1719491578945/CAN-INDIA-GET-OUT-OF-THE-MIDDLE-INCOME-TRAP.jpg)
Can India get out of the middle income trap?
In the mid-1980s, international financial institutions moved away from calling their member countries as poor and rich countries, or as developed and less developed countries.
![How is India's falling household savings rate worrisome for its development?](https://reseuro.magzter.com/100x125/articles/10402/1725470/rkaSWps7j1719491394090/HOW-IS-INDIAS-FALLING-HOUSEHOLD-SAVINGS-RATE-WORRISOME-FOR-ITS-DEVELOPMENT.jpg)
How is India's falling household savings rate worrisome for its development?
There has been a sharp reduction in the household net financial savings rate in 2022-23, leading to an overall decline in the financial savings rate.