India Emerging as Global Market Point for Furniture and Fixtures for the Hospitality Industry - India as a Global Leader in the Sustainable Hospitality Furniture Manufacturing Market
Vision & Mission
Vision – To establish India as the leading global market for furniture and fixtures in the hospitality industry, surpassing China and other competitors.
Mission – To enhance the quality, innovation, and sustainability of Indian furniture and fixtures, making them the preferred choice for the hospitality industry worldwide.
Roadmap with Short Term & Long Term Goals
Short Term Goals (1-3 years)
– Develop and implement quality standards for furniture and fixtures.
– Increase investment in research and development for innovative designs.
– Strengthen marketing and branding efforts to promote Indian furniture globally.
– Establish partnerships with international hospitality chains.
Long Term Goals (4-10 years)
– Achieve a significant market share in the global hospitality furniture market.
– Expand export capabilities and establish a strong presence in key international markets.
– Foster sustainable practices in furniture production and supply chain management.
– Enhance skill development programs for artisans and workers in the furniture industry.
Financial Statistics & Benefits for Indian Industry & Nation
Market Size & Growth – The Indian furniture market is projected to reach **USD 34.55 billion by 2029**, growing at a CAGR of 7.63%.
Employment Impact Locally – The furniture industry is expected to create **millions of jobs**, particularly in rural and semi-urban areas, boosting local economies.
Export Potential – India’s furniture exports are projected to grow significantly, with the potential to capture a larger share of the global market.
Indian Government Support Policies & Incentives
Production Linked Incentive (PLI) Scheme -The government is considering a PLI scheme to boost domestic manufacturing and exports.
Tax Concessions – States are encouraged to offer tax concessions to promote furniture manufacturing.
Export Promotion Capital Goods (EPCG) Scheme -This scheme allows duty-free import of capital goods for export production.
Duty Drawback Scheme – Provides refunds on duties paid on exported goods.
Influence on Foreign Direct Investment (FDI)
Ease of Doing Business – India’s improved ranking in the ease of doing business index attracts more FDI in the furniture sector.
Investment Opportunities -The growing market and supportive government policies make India an attractive destination for foreign investors.
Global Market Trends & Adoption in Hospitality Industry Furniture
Sustainability – Increasing demand for eco-friendly and sustainable furniture.
Innovation – Adoption of smart furniture with integrated technology for enhanced guest experiences.
Customization – Preference for customized and unique furniture designs to reflect the brand identity of hospitality establishments.
Indian Trade Policies Formation for Hospitality Industry
Trade Agreements – India has signed trade agreements with countries like Australia and the UAE, providing zero-duty market access for Indian furniture.
Quality Standards – Implementation of international quality standards to ensure high-quality furniture production.
Enhancing Quality Work & Skills
Skill Development Programs – Launching training programs for artisans and workers to enhance their skills and productivity.
Technology Adoption – Encouraging the use of advanced technology in furniture production to improve efficiency and quality.
Promoting India as a Strong and Self-Sustainable Nation
Self-Reliance – Reducing dependence on imported furniture by boosting domestic production.
Economic Growth – Contributing to the overall economic growth of the country through the expansion of the furniture industry.
Global Competitiveness – Positioning India as a global leader in the hospitality furniture market.
By focusing on these areas, India can emerge as a dominant player in the global furniture and fixtures market for the Hospitality Industry, ultimately making the nation stronger and more self-sustainable while keeping China and its furniture market behind.