The handloom industry in India constitutes a timeless angle of rich cultural heritage and represents vibrant Indian. This is one of the oldest and largest cottage industries in India. The element of art and creativity present in the Indian handloom industry makes it a potential sector for the upper slab of the market, both domestic as well as at a global level. Due to effective Government intervention in the handloom sector’s existing scenario through various financial assistance and implementation schemes, the handloom industry in India has been able to skip over some of the obstacles, making it the second-largest industry after agriculture.
The Indian handloom industry is one of the biggest differentiators for the economy due to its distinctive characteristics and significant contribution. It is one promising industry and is undergoing a lot of transformation. The handloom industry in India has a significant domestic market with the massive scope of export. The Government’s maximum schemes and policies favor this sector, making it the most dominant sector.
Potential & Prospects of Handloom Industry
Clearly, there is a lot of potential for foreign exchange earnings from the handloom sector. The export of handloom products from India stood at US$ 343.69 million in FY19. In FY20 (till November 2019), the commodity stood at US$ 226.05 million. With the right policies and initiatives, this sector can be a catalyst for the entire ecosystem’s growth, including livelihood opportunities across the value chain. The handloom business industry in India is presently regarded as the second-largest economic activity and provides direct and indirect employment for more than 4 million weaver households. Besides being the country’s employment generator, it acts as a critical source of showcasing India’s soft power; this sector needs to be nourished well through all possible aid and assistance to keep its success rate on track.
Some of the critical factors which give it a comparative advantage over the other sectors are:
- Variety of premium design choices – This sector enables many variations of design, allowing the consumers to have customized options unique in the world—this industry is also known as a land of designers or designer’s paradise.
- Huge return on investment– This sector earns a good return on investment as the final product’s value is much higher than the rate of raw materials utilized by the weavers.
- Environment friendly– This is the only industrial sector that requires less capital and workforce. Also, minimal use of power, equipment that makes it suitable for agricultural growth.
- Technology friendly-The sector is vulnerable to upcoming technology and has the opportunity to create a type of business model that is open to any innovations.
- Women empowerment– 83% of the handloom industry crowd involves women as its core part.
The handloom industry in India remains the dominant industrial sector. The protectionist strategies of the Government have led the weavers to become independent entrepreneurs. The handloom industry in India would have a great future if it gets well organized and is adaptable to change as change is the only constant. The sector’s decisive factor is its global level business potential, social and climatic impact, quality, and distinctive character. Contrary to what is generally said, handloom is not a dying industry and shall prevail in all phases of life; it is, in fact, one of the most promising industries and is undergoing a lot of transformation right now with upcoming technologies. Those working in the handloom industry in India take joy in the activity and have opted it in their day to day lifestyle. It is indeed one of the hidden gems of India and does not need charity. It is possible to mine gold here if taken care of.
Aatmnirbhar Sena is striving to Support Handloom Industry
But the road to this industry is not as smooth as it turns out to be, to overcome these hurdles, we as an Aatmnirbhar Sena is working out of the way to provide aid and assistance to the budding entrepreneurs. We have been in alignment with the Government schemes, and provide recommended support in training and vocational sessions, mentorship programs, etc.
The handloom industry in India is not an industry of the past but the present and future! Hence, we are adamant as an organization to keep the curious entrepreneurs ready on foot towards achieving their dreams of exploring this industry and giving our best to keep up with this rich heritage of India.
