By IANS
Mumbai : The Indian furniture industry, estimated to be worth Rs.350 billion ($8.80 billion), is growing at a rate of 20 percent annually, offering immense scope to international brands to sell their products here.
While European furniture makers cater to the upper middle-class and middle-class buyers, corporate users and hospitality industry, the Chinese and Malaysian furniture makers cater to the general and retail buyers, said L.A. Khan, president of the Universal Exposition Group (UEG).
The UEG has organised a five-day eighth Index International Furniture Fair (IIFF), among the biggest events in the industry calendar.
The IIFF, which opened at the sprawling NSE Grounds in Goregaon here Thursday, was inaugurated by Roberto S. Naidero and Giuseppe Moralini of the Italian Trade Commission.
Khan pointed out that the size of the imported furniture industry alone was growing from almost $153 million in all of last year to $54 million in the first quarter of this fiscal itself.
Of the 200 IIFF participants, 125 are from abroad, indicating the importance given to the Indian market by the world furniture industry, a spokesman for UEG told IANS.
The countries represented include China, Malaysia, Italy, Germany, Singapore, South Korea, Japan, France, Brazil, Taiwan and Thailand. Delegates from around the world including the Gulf countries and South Asian region are participating in a big way at the expo.
The largest single contingent is from Italy with 52 stalls, representing internationally renowned brands like Ares Lines, Arredo Classic, Art Design Group, BTC International, Bastex, Flou, Bizzarri, Cantori, Desiree, Gold Line, Gori Cucine, Nord Light, Tre Ci, Riva Mobili d’Arte, Uffix and others.
On the occasion, the Italian government has organised the Mostra Design Exhibition giving an opportunity to furniture designers to showcase their creations.
The spokesman added that the construction industry was experiencing a phenomenal growth, creating a huge demand for furniture and allied products in India and other developing countries.