MoU for establishing furniture cluster in India

A MoU was signed between the Trade Promotion Council of India (TPCI) and the World Furniture Confederation (WFC) aimed at establishing furniture industrial clusters within the country during the Annual General Meeting of the World Furniture Confederation, held in Dongguan, China, and attended by over 500 business and industry representatives from around the globe.

This collaboration between TPCI and WFC is set to ignite a transformative journey for the organised furniture manufacturing sector in India. The main objective of the MoU is to facilitate the sharing of best practices and expertise, creating a seamless end-to-end ecosystem that fosters the growth of furniture manufacturing in the country.

This MoU will promote engagement with global major furniture manufacturers, promote Make in India for domestic and export markets and is the first signal of global cooperation in the organised furniture sector for India. The organized furniture industry will help in efficient and cost-effective manufacturing at globally competitive prices.

This cooperation is expected to attract foreign direct investment (FDI), enhance India’s furniture exports, and reduce the country’s dependency on furniture imports.

India’s current furniture industry is largely unorganised and fragmented, with a predominant focus on hand-crafted furniture.
The furniture industry worldwide accounts for a staggering USD 250 billion in trade, with both the EU and China exporting around USD 100 billion each.

Notably, the US, the largest importer of furniture, brings in a massive USD 72 billion worth of furniture imports annually. India enjoys zero duty on all considered products for export of furniture to the US market, which clearly underlines the big advantage to enter the US market. This presents India with a remarkable opportunity to amplify its furniture exports and emerge as a key player in the global market.