India Furniture Export Potential Can Grow from $2 to $20 Billion
As the Indian economy recovers from the impact of COVID-19, India's furniture market is looking up. The industry clocked compounded annual growth rate of 9.4 percent in the last five years, rising to $12.6 billion in financial year 2019. A report by Pricewaterhouse in collaboration with IKEA shows that this inordinate success was driven by four factors: Increasing urbanization rates, a large share of the younger population, rising levels of disposable income and a middle class, as well as a strong tourism and hospitality industry. However, the report also points out that to help the industry realize its multi-fold growth potential in a post COVID world, core limitations need to be addressed urgently. It has suggested specific interventions to tackle the cost disabilities of India so that the furniture industry becomes an enabler to expand the reach of Make in India goods across the globe.
Tags : ALLIED IKEA Make in India urbanization furniture Indian economy India Furniture Export