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Impact of Recession on Indian Handicraft Market

Impact of Recession on Indian Handicraft Market

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Published by: kumaratdbg on Jul 10, 2010
Copyright:Attribution Non-commercial


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Unemployment, Financial crises are the major issues for every body. These days people are frequently going through the words like Global economic meltdown, International financial slowdown, Recession etc. Many of the people are highly affected by the results of all these. This fire dragon is burning everything by throwing the fire all around. These resulting drastic changes in lifestyle of many in score of ways.

Currently we are going frequently through the sentences telling the peril effects of this global economic slowdown on numerous company employers of various sectors. This downturn, of course left negative marks on business too. Many businesses are going through and facing effects of this economic evil, commonly named as ‘Global Meltdown’. The effect of this slowdown on business sector is resulting directly in a negative way on its various phases includingexport- import sector, which is one of the crucial parts of any kind of business.

Regarding this, the report of Federation of Indian Export Organisation (Fieo) tells that the manufacturing Industries here, have recorded steepest decline in the sector of export- import. This proved correct when we take a look of exports done in some industries. This reveals that the handicraft export stepped down by 54 per cent in December 2008 as compared to that in December 2007. While Gems& Jewelry, one of the segments most affected by economic slowdown and the textile industries are contracted by 27 & 21 per cent respectively. This gives us broader idea about the effects of economic meltdown on export-import trade.

While talking about the worldwide export-import trade in the current scenario of meltdown, ‘The exporters need to diversify to Asia & Africa to escape from the recession in traditional markets in the west’ – are the words of Director-General of Research and information systems for developing countries. This reveals that exporting goods or products from Asian & African countries could be proved as the helping hand for getting free from the recession in western traditional markets to some extent. This obviously is


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