India-UK Trade Deal Boosts Handmade Fashion Industry
The India-UK free trade agreement, signed on July 24, eliminates tariffs on textiles and apparel, opening up opportunities for the handmade fashion industry. Heena Patel, founder of Magic Needle, highlights the potential for fair trade policies to enhance global demand and government support to foster small-scale entrepreneurship.
- Country:
- India
The recent India-UK free trade agreement, enacted on July 24, marks a significant milestone for the handmade textile and apparel industry with the removal of tariffs.
According to Heena Patel, founder of Magic Needle, this development could unlock vast opportunities for India's skilled artisans and elevate the global demand for their unique creations. Patel emphasizes the importance of fair trade policies and government-backed initiatives to simplify export processes and provide financial support to burgeoning entrepreneurs.
Magic Needle has experienced a consistent double-digit CAGR in the handmade sector, generating Rs 10 crore last financial year. Looking ahead, the company aims to sustain this growth trajectory while expanding its product line to cater to India's evolving crafting community.
(With inputs from agencies.)
Google News