Boosting India’s Cottage Industry with Artnbuff Bazaar:
Overcoming Challenges and Promoting Economic Growth
Artnbuff Bazaar aims to promote fair trade practices and provide opportunities for India-based artists, crafters, and small-scale manufacturers to participate in the global economy. The platform highlights India’s unique cultural heritage through handcrafted products and encourages environmentally conscious practices for a sustainable future. By working towards a more equitable and sustainable economy, Artnbuff Bazaar hopes to ensure that the benefits of economic growth are shared by all segments of society.
India’s Economic Growth and the Challenges Ahead
India’s economy is growing rapidly and is one of the fastest-growing economies in the world, which has led to an increased standard of living for many Indians. However, despite the economic growth, significant challenges remain, such as poverty and inequality, which affect rural areas and marginalized communities.
The Significance of Cottage Industries in India’s Rural Economy
Reference: https://statisticstimes.com/economy/country/india-gdp-sectorwise.php
Cottage and small scale industries take part in about 40% of the total industrial output in India.
In 2020, around 65% of Indians lived in rural areas, where many have low incomes and resources. Cottage industries provide an important source of income and are crucial for lifting people out of poverty. They also play a significant role in increasing India’s export potential. This is why the cottage industry is considered the backbone of India’s economy.
Although India’s Cottage Industry currently contributes to only a small portion of India’s GDP, it has the potential to make a bigger contribution. With the right help and support, cottage businesses can realize their full potential, bringing economic growth to a large and under-resourced population in India.
Cottage Industry is a small-scale, unorganized/decentralized manufacturing business generally operated from home or ‘cottages’ using simple hand-operated tools. Examples of cottage industry or business include Smithy, Carpentry, Weaving, Pottery, Blanket making, Stone Carving, Textiles, Ceramics, Handmade Jewelry, etc. Reference: https://enterslice.com/learning/a-complete-analysis-on-cottage-industries-in-india/
Empowering Women and Families Through Cottage Industry.
Cottage industry has been found to provide economic independence for women in both developing and developed countries. Additionally, because the whole family can get involved in producing items, it provides employment options for numerous families throughout the year. This makes it a valuable source of income and livelihood, offering hope for economic empowerment and stability for many communities.
Challenges Faced by the India’s Cottage Industry.
The Indian cottage industry faces several challenges, including exploitative middlemen who offer low prices to manufacturers but charge high prices to buyers, heavy competition from power loom industries, and a lack of marketing strategies due to the industry’s rural location. Additionally, there is a need to develop the skills of laborers and meet the requirements of the local market to sustain growth.
Overcoming Challenges: How Artnbuff Bazaar Supports the India’s Cottage Industry.
Artnbuff Bazaar aims to address these challenges by providing a platform for cottage industry manufacturers to sell their products directly to consumers without the need for intermediaries. The platform offers marketing and sales support to promote their products, and provides training to help develop their skills and improve their production processes. Artnbuff Bazaar also encourages sustainable and eco-friendly practices to reduce the environmental impact of cottage industries. By connecting these artisans and manufacturers with a global audience, Artnbuff Bazaar hopes to help them overcome the challenges they face and reach their full potential in the global market.