BUSINESS LOAN AVAILABLE WOOD WORKING

Industry overview

The woodwork industry is considered to be one of the fastest growing industries in India’s economy. India possesses over 200,000 artisans and nearly 100,000 registered woodwork units, besides an incalculable number of indigenous units in this sector. Wood has always been a prime part of Indian handicrafts and the country takes pride in manufacturing beautiful woodwork, furniture and art in unending cultural and modern motifs.

Current industry

The furniture market is the second largest wood processing segment after timber and log production in India, and is fast becoming a market for premium and sought-after imported products. This industry has already crossed INR 5,000 crore in sales and is growing at 10% to 20% per annum. The total annual demand for timber and furniture in India is estimated at US $ 1.25 billion, of which about 90% is for wooden products. The export of wood and wood products from India has crossed US$ 453 million (2010-11) with a continued growth rate of 20%. Besides this, India has also set up more than 3,000 woodworking units, a figure that is consistently rising.