 "Planing to take local artisans for abroad trade shows: Commerce Ministry")
"We are working to bring artisans along with us whenever the materials are put up in any trade show held abroad so that global luxury retailers can interact with them, understand the issue and come forward for more investments in India," Minister of State for Commerce and Industry E M S Natchiappan said at the India Luxury Summit here.
The move will provide much-needed international exposure to Indian artisans and also address needs of luxury retailers in overseas markets.
More From This Section
"We want to have more closeness specifically with European countries to promote people to people interaction as India has got the benefit of putting its luxury goods in these global markets," he said.
According to estimates, India's luxury market is set to exceed $ 10 billion-mark by 2014. It was estimated at about $ 7.58 billion in 2012. The global luxury market stands at $ 318 billion.
Ambassador of Spain in India Gustavo De Aristegui said: "The connections of Indian artisans and jewellers to the industry of gold and precious stones needs to be enhanced further."
The President & Country Head of Luxury Banking Group at Yes Bank, Karan Ahluwalia, said: "The dearth of high-street, super premium malls, high rentals and poor infrastructure, prevalence of grey market and fake luxury goods, grave paucity of skilled labour, high custom duties and other levies are certain challenges that need to be overcome for smooth transition of India as a prime destination for luxury goods".