The Furniture import or related items are very significant to increase the demand for domestic manufacturers. A few events of 2019, are bound to shape up way forward for domestic furniture makers and hence also for raw material manufacturers. 2020 onwards, India will inch forward to a new decade where adoptability, acceptability and affordability for readymade furniture will accelerate and grow very fast.
Since India has been making efforts to rectify the trade deficit gap, leading to which various new measures are considered and being policy framed. The widening trade deficit with China and other nations is one of the key concerns of the Indian Commerce Ministry.
That is why, Year 2019 saw the country withdrawing from the Free Trade Agreement RECP, and strong trade talks with Korea, Japan, Malaysia etc. According to news reports emerging from Commerce Ministry, India is also in the process of re-negotiating free trade agreements with Asian and other nations, as the country is facing acute trade deficits within the Asian as well as the Asia- Pacific bloc.
Now the India government has plans to introduce quality standards for imports in next two months mainly keeping China bound imports in view. This will enable level playing field in coming future for domestic manufacturers. The stricter quality standards for above 300 products is expected to be finalised during FY 19-20 end, that most likely will include toys, furniture, plastic goods, sports items, etc.
The Click and Mortar model for selling furniture through companies like Pepperfry, Livspace, Homelane and giants like IKEA and Amazon at play, the Indian furniture manufacturers’ demands will further grow. Buoyed by the policy support, need of more commercial and industrial space in growing markets, rise in co-working complexes in every key city will continue to support the demand for machine-friendly raw material makers as well as readymade furniture and solution providers. 2020 onwards will be a journey of a new decade, when India is anticipated to add, 1500 new machine driven workshops to produce readymade furniture and contracting furniture.