The Economic Effects Of Exporting Your Handicrafts And How To Do It For Free
The demand for handicrafts has been rising exponentially in the last few years. Countries like the US, the UK, Saudi Arabia, Germany, Canada, Australia, and so on are importing Indian handicrafts in gigantic numbers. Many manufacturers and artisans across the country are selling various types of handicrafts in the domestic market. However, you will be surprised to know that despite the huge demand in the global market, there are only seventy thousand exporters or export houses in India that are catering to the demand of the world. Thus, small to medium-sized businesses of manufacturers and workmen are in a very good position to sell their handicrafts in the overseas market and earn a decent amount of profit. In this article, we will discuss in detail the economic effects of exporting your handicrafts both from the perspective of the country and yourself. We will also discuss how you can export your handicrafts in various countries for free and increase your revenue numbers.
Table of Content
- What are the Economic Effects of Exporting Your Handicrafts?
- Positive Effect on Gross Domestic Product
- Exporting of Handicrafts Helps in Earning Foreign Exchange
- Benefits in the form of Export Incentives
- How to Export Your Handicrafts For Free?
- Best Platform to List and Sell Your Handicrafts Globally
What are the Economic Effects of Exporting Your Handicrafts?
Exporting your handicrafts to different countries has a significant effect on the country from an economic point of view. Let us discuss some of the prominent economic effects caused by the exporting of handicrafts.
Positive Effect on Gross Domestic Product
Gross Domestic Product (GDP) is an important indicator for how well an individual country is performing. In a layman’s language, it can be defined as a broad measurement of a country’s overall economy. Generally, high GDP indicates that the economy of a country is growing and the citizens have a higher standard of living. Export is one of the major components determining the GDP. To have a higher GDP, it is important that the exports of the country exceed its imports. When exports exceed imports, we refer to it as the trade surplus. Trade surplus indicates that there is a high level of output coming from the country and a greater number of people are employed to achieve the higher level of output. Exporters of handicrafts ensure that there is a huge inflow of funds in the country which helps in stimulating consumer spending and also contributes to the economic growth of the country.
Exporting of Handicrafts Helps in Earning Foreign Exchange
Developed countries like the US, the UK, Canada, Saudi Arabia, Australia, etc have strong domestic currency. When exporters and export houses from India supply their handicrafts in these developed countries, it helps India earn huge foreign exchange. Earning foreign exchange is vital for the country since it helps in the appreciation of the domestic currency. In recent years, handicraft exporters from India have performed extremely well and have been able to generate a substantial amount of foreign exchange for the country. However, looking at the global demand for handicrafts, a large number of customers still needs to be catered to with the exquisite handmade crafts of the traditional artisans and craftsmen.
Benefits in the form of Export Incentives
Various legal, regulatory, monetary, and tax programs that are initiated to encourage the export of goods and services are called export incentives. They play a significant role in providing economic benefits to the exporters and the export houses along with encouraging more manufacturers and traders to join in the business of exports. Let us now discuss some of the important export incentives provided to the exporters of handicrafts by the Government of India.
- Under the Merchandise Export from India Scheme (MEIS), the Central government has increased incentive rates for handmade crafts from 5% to 7%. This has been done to facilitate competitive pricing and boost the exports of handicrafts from India. This scheme will also help manufacturers and artisans of handicrafts to recover input costs involved in the process of production. This scheme covers handicrafts like scarves, attars, jewelry boxes, candles, wooden frames, shawls, handmade lace, brass articles, glass art ware, bangles, etc.
- Under the ‘Make in India’ campaign initiated by the government of India, many export incentives are lined up. The Central government is working together with the exporters of handicrafts to make handicrafts to the international market. The Make in India campaign encourages exports of handicrafts and aims to make India, the global hub of production of goods and services. Various export incentives under this campaign take the form of subsidies, tax concessions such as duty remissions and duty exemptions, low-cost loans, financial support such as provisions covering bad loans, and so on.
How to Export Your Handicrafts For Free?
Exporting handicrafts from India is a very complex procedure. One needs to look out for numerous rules and regulations along with various auxiliary costs involved in the process of exporting the handicrafts. However, you need not worry. We have got everything covered for you. First of all, you will need all your legal documents ready to initiate the business of handicraft exports. These documents include Permanent Account Number (PAN), Import Export Code (IEC), and a bank account in the name of your registered business.
Today, we have various online platforms that allow us to sell our handicrafts in the international market free of cost. These platforms can work wonders for your handicraft business as they have global visibility. All you have to ensure is that the product you are supplying is 100% authentic and of premium quality. You can register on such platforms that can help you to sell your handicraft products and tap the global market which includes countries like the United States of America, Europe, South Africa, and so on. We can say that the world is a global village and one must use the advantages of the options in the best efficient manner. Registering online may cost you a small sum of money or sometimes it may even be free, but it will surely help you get global clients. These clients can buy your handicrafts and unique handmade items and at the same time pay you for the particular item. These platforms ensure the transaction of payment in a comfy and easy manner.
Apart from online options, there are various types of additional offline channels such as export carnivals, trade fairs, and various other gatherings where you can promote your handicrafts and sell them globally. However, selling your handicrafts online has numerous benefits. It is not necessary to put a sum of money to start with, you can register with no money by registering yourself on trading platforms that make it possible to sell Indian handicrafts around the globe and earn money through clients from around the remotest corners of the world.
Best Platform to List and Sell Your Handicrafts Globally
The handicraft sector is of great importance to the Indian Economy. It focuses on generating the employment rate while having a vital share in the country’s exports. The clusters in the regional and state areas are contributing significantly to the handicrafts export. The exports of a particular item can create new markets and help reach domestic goods at an international level. The exports of handicrafts increase the sales of the goods and help to capture the important global share and market. When there are more and more exports, it basically signifies that there is a greater level of output from a particular country increasing employment. The handicraft sector helps to increase the foreign exchange of the country and at the same time preserve the cultural heritage of the country.
Craftezy is one of the best platforms where you can opt to list and sell your handicrafts. Here you can register your business for no money and also list all the handicrafts to sell them globally which can raise you a handsome amount of money. A minimal amount of transaction fee is charged on Craftezy. Moreover, Craftezy ensures that you get support from the team 24/7. Listing the handicrafts items, managing your catalog, controlling the process of order, negotiating with the buyers, and providing you convenient payment options- Craftezy does it all, and that too free of cost. The handicraft trading platform has created a niche in this market segment and has over clients from more than 20+ countries. Apart from providing numerous benefits to exporters and export houses, Craftezy focuses deeply on the welfare of artisans and craftsmen spread across the rural and the urban parts of India. For every order placed on the platform of Craftezy, a small portion of the revenue generated is contributed towards their upliftment. This ensures that the beautiful heritage and culture of our country flourishes and won accolades in the global market. If you are looking into entering the business of handicraft export from India, register yourself on Craftezy and start earning huge profits.