Vishwakarma scheme: Catalyzing entrepreneurship key to sustainable success
₹13,000 crore scheme for craftspeople, announced recently by the Cabinet Committee on Economic Affairs, is not just a commendable financial commitment but an affirmation of the nation's rich artistic heritage. The Vishwakarma Yojana, rooted in the philosophy of "guru-shishya parampara", envisages a renaissance in 18 traditional trades, spanning both rural and urban landscapes. Its aim to touch the lives of 3 million artisan families signifies more than just an economic boost.
It is a cultural revitalization. Yet, for such an initiative to bear fruit, the mechanics of market accessibility and economic viability are crucial. Handmade crafts, a part of the creative, cultural, and circular (3C) sector, have, for long, been India's unpolished gem.
The addressable market, encompassing handmade crafts, interior decor, fashion, art jewelry, and visual arts, is currently pegged at a staggering $120 billion. By 2030, this figure is projected to soar to $346 billion. Further, India's current share in the global handicrafts trade, worth $680 billion, lingers at a mere 1.6%.
The disparity between potential and reality is evident, but so is the vast headroom for growth. Entrepreneurs equipped with design, brand building & digital marketing, and technology expertise are key to reviving this once-vibrant sector. The tailwinds are evident.
The modern consumer, especially the millennial demographic, exhibits a discernible tilt towards products that are sustainable, ethically sourced, and culturally resonant. E-commerce and technology have expanded artisans' reach globally, with the Indian diaspora forming a particularly engaged market. Additionally, as fast fashion impacts the environment, Indian crafts present an eco-friendly choice,
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