TPCI welcomes move for considering furniture a priority sector in India
Press Release:
TPCI welcomes move for considering furniture a priority sector in India
June 02, New Delhi: Speaking on the PM speech delivered today and identifying furniture as a priority sector, Mohit Singla, Chairman TPCI said, “Recent study of the potential sector has revealed great demand for plug and play clusters as the only possible means of achieving competitiveness, which is much desired for import substitution and export prowess.” Furniture is clearly a big latent opportunity for India in terms of leveraging export. We have ample land, most affordable skilled labour and supporting logistics and warehouse infrastructure, he added.
Further Singla said, “After US has imposed 25% duty on the import of furniture from China, the import to US from China has dropped almost 20%. Furthermore, India enjoys zero duty on all considered products for export of furniture to the US market, which clearly underlines the big advantage to enter the US market. The industry should map key buyers and work closely while hand holding their recent shift from China and Vietnam in India’s favour.” This is all the more important considering the huge employment potential this sector holds, he added.
Chairman TPCI added, “The global furniture trade is USD 250 billion, both the EU and China export about 100 billion USD of furniture. The US alone imports 72 billion USD of furniture and is the biggest importer, there is an opportunity for India to scale its export to the US. Currently India is a very small player with just 1.7 billion USD of export.”
For any further information, contact:
Sameer Pushp
DIRECTOR- MEDIA & CORPORATE COMMUNICATIONS
9, 2nd Floor, Scindia House, Connaught Circus,
New Delhi- 110001, India
T: (91) 11 40727281
M: (91) 9811229110
W: www.tpci.in
