<div><em>A case for contemporising Indian craftsmanship and making ‘Made in India’ quality-oriented</em></div><div> </div><div><strong>By Karan Ahluwalia</strong></div><div> </div><div>The cultural rhythm of India resonates through centuries of signature skills and crafts, building an extraordinary legacy of unique craftsmanship, the traditional knowledge of which has been preserved, evolved and passed down from generation to generation creating a rich heritage to be mastered and treasured for eons to come.</div><div> </div><div>India is one of the most ‘hand-skilled’ countries in the world, employing approximately 34.5 million artisans across the nation. The Indian handicrafts industry pegged at Rs 46,000 crore. This presents an imminent opportunity to organise this sector with the focus on building the Indian handicrafts brand in the global market.</div><div> </div><div>Demand for luxury Indian handicrafts is extremely high globally with 60 per cent of India’s produce exported to US and European countries. It is imperative for us to not just protect the welfare of India’s much sought after artisans but also encourage industry participation by suitable policy intervention to support craftsmen.</div><div> </div><div>As has been highlighted by the government, for the country to grow at 9-10 per cent over the next three decades, it is critical to deconstruct the existing legacy systems and establish a strong and stable regulatory and business environment which will revitalise Indian economy and boost investor confidence. </div><div> </div><div>In that direction, integrating India’s foreign trade policy with the Make in India objectives, aided by a robust PPP framework and attractive FII norms, will provide the ideal launch-pad for India’s unique growth trajectory. And for India to maintain its growth path over the next three decades, we must aim to be a part of the global supply chain and produce for both the domestic as well as international markets, the objective clearly being the dual agenda of ‘Invest In India’ and Make In India.</div><div> </div><div>Given the Indian economy’s evolving nature and the definite need for policy and institutional support for the sector, it is important for the country to promulgate a strong financial advisory system that can play a critical support function to its fragmented luxury market. YES Bank’s Luxury Banking Group has taken steps to offer tailor-made solutions that are highly focused in knowledge and financial banking as part of its commitment to the growth and development of this sector.</div><div> </div><div>We hope institutional support to the sector will increase competitiveness in domestic manufacturing, encourage entrepreneurship and provide impetus to MSME and allied sectors. It is critical we promote the unique flavours of Indian artisans in the global luxury market as our prerogative of pushing entrepreneurship.</div><div> </div><div>The world today is looking at India for its wide range of products and indigenous processes. This may not be in line with the global trend of mechanisation and massification, and in order to preserve India’s made-by-hand skills and creativity, it is imperative this art is not only protected with policies but also promoted as part of the government’s Made in India initiative.</div><div> </div><div><em>The columnist is senior president & country head, Media & Entertainment, Fine Arts, Luxury and Sports Banking Group, YES Bank, and chairman, Luxury Council, ASSOCHAM</em></div><div> </div><div>(This story was published in BW | Businessworld Issue Dated 16-11-2015)</div>
