After reeling for months due to covid and the lockdown imposed thereafter, Indian handicraft sector is now ready and working for revival of export during the year’s ending quarter. Usha Exim Pvt Ltd which is a free trade export group is hopeful in upturning of the Indian handicraft sector exports amid the festive season which may effect great demand of their product in the global market.
The global markets are now better as they have accepted and are practicing the ‘new normal’ introduced by the global pandemic. Showing a new ray of hope, Usha Exim Pvt Ltd, Leo Shastri mentioned that the concerned market is showing revival signs after it was affected for several months and due to migration of the weavers and craftsmen. He also foresees a jump in the exports during 2020 second half, likewise previous year. The Indian handicraft export targeted to cross Rs. 24,000 crore mark by Financial Year 2020-21, but the covid scenario has put a long wait over the expectations which have no possibility to be accomplished as of now.
However, the official data about the exports for the year 2020-21 is yet to be announced, but the industry reckons that it could have fall quite short of its expected mark.
Leo Shastri, talking about the scenario, quoted, “Handicrafts are unique expressions and represent a culture, tradition and heritage of a country. The Handicraft Industry is one of the most important sectors that provides livelihood to millions of people. This year, for various suppliers across India, the demand had come to a standstill forcing many shut downs and bankruptcies. However, thankfully things are getting better now and hopefully we will all learn from the mistakes we have made.”
Further, he continued, “Compared to the first quarter, we have had an increase of approximately 20% and 35% in the second and third quarters respectively. And, that’s why we strongly expect that Indian handicraft export will pick up in the last quarter of 2020. Aggressive demand is not there and the prices have dropped in the US and Europe markets. The quantities have dropped along with the prices affecting the entire supply chain from production to logistics to end-retail. However, as we head towards Christmas, we are expecting that the festive season will infuse greater demand in the market.”