- Globalization has seen
imported furniture make serious inroads into the Indian markets. This
has been a wake up call for the manufacturing industry. The range of
indigenous furniture available in India includes both residential and
contract system furniture, with an increased concentration in office and
kitchen furniture. In the area of decorative residential furniture,
India has a heritage of exquisite handcrafted
furniture, made out of
teak, rosewood and walnut wood, which has strong colonial roots.
- The Indian furniture
market is estimated to be worth Rs 350,000 million. Within this, the
wooden furniture accounts for Rs 60,000 million. Of this the imported
furniture market is currently worth Rs 6000 million and is growing at 50
- 60% each year.
- According to the
Commerce Ministry figures, furniture import to India rose to Rs 1,801.27
crore in 2006-07 from Rs 1,103.46 crore in the previous year, an
increase of 63.24 per cent against India’s total import growth of 27.27
during this period.
- The Indian Construction
industry, ranked 12th in the world, is experiencing maximum growth and
in turn, has created an explosive demand for furniture & allied
products. The size of the Indian furniture industry is estimated to be
approximately Rs. 8 billion and is growing at over 20 % per annum.
- Almost every
international furniture manufacturing country is looking to enter this
vibrant market. While the furniture & allied product imports have
touched an all time high, it will be the local players who will play an
important role in the growth story of this sector.
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