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India's services sector showed robust expansion in October, per the <keyword id="22267674" type="General" weightage="20" keywordseo="HSBC-India-Services-PMI" source="keywords">HSBC India Services PMI</keyword> (Purchasing Managers' Index), which rose to 58.5 last month, up from September's ten-month low of 57.7. October's figures managed to exceed even the long-run PMI average of 54.1, largely on the back of a strong sales pipeline and elevated demand. Employment, or job creation in this sector accelerated to its fastest growth rate in 26 months. Anticipating solid, sustained demand in the near term, firms added new employees at the most rapid pace in over 2 years. October also saw <keyword id="23834175" type="General" weightage="20" keywordseo="input-costs-rise" source="keywords">input costs rise</keyword> at their fastest pace in 3 months, indicating renewed demand and economic activity in the country. The ISM Services PMI, an indicator of the economic health of the US, also exceeded expectations, reaching 56.0 compared to the forecasted 53.8, suggesting strong growth within the services sector. "During October, the Indian services sector experienced strong expansions in output and consumer demand, as well as job creation, which achieved a 26-month high," said Pranjul Bhandari, Chief India Economist at HSBC. The sector saw increased business activity across multiple fronts, with export sales showing significant growth and companies reporting stronger demand from international markets including Africa, Asia, the Americas, the Middle East, and the UK. However, industry experts remain cautiously optimistic about the sector's prospects. Suman Chowdhury, Chief Economist at Acuité Ratings &amp; Research, noted that while the October recovery is promising, several factors warrant careful monitoring. “The recovery in the PMI indices in October 2024 is promising for the second half of the fiscal after the dip in several high-frequency indicators in September 2024. Industrial and service activity has expectedly received a boost from the anticipated spike in consumption demand in Q3 FY25, driven by the festivities and the marriage season," she said. Chowdhury added that it will be crucial to monitor the sustainability of these PMI indices at these elevated levels, given the reported weakness in urban demand in Q2 as flagged by FMCG companies. She also noted that potential increases in wholesale and core retail inflation, combined with higher input costs and wage pressures, could delay expected interest rate cuts. RBI governor Shaktikanta Das also noted that inflation and CPI figures for October might be elevated, pushing ahead any chances of interest rate cuts in the near future. Acuité Ratings &amp; Research maintains its GDP growth forecast at 7.0% for FY25 while acknowledging the multiple downside risks that will require close observation in the coming months.

India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

<keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> reported its <keyword id="20025887" type="General" weightage="20" keywordseo="highest-ever" source="keywords">highest-ever</keyword> <keyword id="20423741" type="General" weightage="20" keywordseo="monthly-sales" source="keywords">monthly sales</keyword> volume at 206,434 units. Total sales in the month include <keyword id="20025843" type="General" weightage="20" keywordseo="domestic-sales" source="keywords">domestic sales</keyword> of 163,130 units, sales to other original equipment manufacturers (OEMs) of 10,136 units and the highest-ever monthly <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> of 33,168 units. Festival season and on top of that the deep discounts offered by various automakers have invariably helped dealers sell more cars this October. Here is a table listing out the <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> India car-wise sales figures in October: In October, total sales, domestic plus exports combined, were 3.6 per cent higher year-on-year. So far in 2024-25 - April to October, the total sales were 1.64 per cent higher year-on-year. Coming to exports, the shipments in October and April-October were 51 per cent and 17 per cent, higher year-on-year, respectively. In the fiscal year 2023-24, the company exported over 2.8 lakh units to more than 100 countries, holding a commanding 42 per cent share in the country's passenger vehicle exports. In other news, Maruti Suzuki India recently reached a significant milestone, with ist <keyword id="21943254" type="General" weightage="20" keywordseo="Manesar-facility" source="keywords">Manesar facility</keyword> crossing the 1 crore cumulative production mark. The Manesar plant achieved this feat in just 18 years, making it the fastest among Suzuki's global automobile manufacturing facilities to reach the 1 crore production milestone. The facility, which commenced operations in October 2006, is spread over 600 acres and manufactures a range of models, including Brezza, Ertiga, XL6, Ciaz, Dzire, Wagon R, S-Presso, and Celerio. These vehicles serve both domestic and international markets, with exports reaching regions such as Latin America, the Middle East, Africa, and neighboring Asian countries. Since its inception, Maruti Suzuki has produced over 3.1 crore vehicles, reinforcing its leadership in the Indian <keyword id="19945567" type="General" weightage="20" keywordseo="automotive-industry" source="keywords">automotive industry</keyword>. Maruti Suzuki India Limited also started the export of its acclaimed 'Made-in-India' SUV, the Fronx.

Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

<keyword id="24068881" type="General" weightage="100" keywordseo="Equity-investments-in-Indian-real-estate" source="keywords">Equity investments in Indian real estate</keyword> may rise 49% to $11 billion this calendar year amid strong demand for properties, according to CII and CBRE. In the 2023 calendar year, the equity investments in real estate stood at $7.4 billion. Industry body CII and real estate consultant CBRE on Wednesday released a joint report titled 'Leading the Charge: Crafting the Skylines of Tomorrow' at the annual CII Realty 2024 conclave. Equity capital inflows touched $8.9 billion between January and September, registering a 46% year-on-year growth. "Overall equity investments in 2024 in the real estate sector are set to hit a new record surpassing $10 billion for the first time," the report said. With a resurgence in investment inflows in built-up office assets and a strong acquisition pipeline for land in the residential sector, the overall equity investments in 2024 would be in the $10-11 billion range. During January-September, institutional and collective vehicle investors accounted for nearly 40% of the overall investments. Developer companies led the total capital inflows with more than 41% share in this period. Domestic investors (predominantly developers) invested nearly USD 6 billion during the first nine months of the calendar year, dominating the overall capital inflows with an almost 65% share. In comparison, foreign investors contributed about $3.1 billion during the same timeframe. Notably, North American and Singaporean investors were the significant contributors, representing about 85% of all foreign capital inflows. Anshuman Magazine, Chairman &amp; CEO, India, South-East Asia, Middle East &amp; Africa, CBRE, said, "Projection for 2024 equity investments between $10-11 billion, highest-ever, underscores continued investor interest in the growing <keyword id="23870227" type="General" weightage="20" keywordseo="real-estate-market-in-India" source="keywords">real estate market in India</keyword>." With SEBI's SM-REIT framework, he said, smaller but high-quality assets in Tier-II markets would also present new avenues for strategic capital deployment. "We believe this regulatory support will add much-needed transparency, enabling a more diversified investment base and encouraging institutional participation across these markets," Magazine said. Going ahead, he said this growing diversification will not only solidify India's real estate sector but also pave the way for future growth across emerging asset classes.

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

In a leadership rejig, <keyword id="742386" type="General" weightage="20" keywordseo="food-beverage" source="Orion">food &amp; beverage</keyword> major <keyword id="19953787" type="General" weightage="20" keywordseo="pepsico" source="keywords">Pepsico</keyword> on Friday said <keyword id="4632597" type="General" weightage="20" keywordseo="Jagrut-Kotecha" source="Orion">Jagrut Kotecha</keyword> will lead the <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> business as the CEO, while the incumbent <keyword id="20251990" type="General" weightage="20" keywordseo="ahmed-el-sheikh" source="keywords">Ahmed El Sheikh</keyword> will assume the charge of the Middle East business unit. Kotecha, who is the Chief Commercial Officer for PepsiCo in Africa, Middle East, and South Asia (AMESA) will assume the role of CEO for PepsiCo India in Sheikh's place, the company said in a statement. Ahmed El Sheikh, who led the PepsiCo India business for almost seven years, will move on from his current role and assume new responsibilities as of March 2024, it said. "This leadership change, reflecting PepsiCo's dynamic and forward-thinking global approach, has been meticulously planned and was communicated to the India office employees yesterday (Thursday) as part of a series of leadership changes across AMESA," it said. PepsiCo <keyword id="115930" type="General" weightage="20" keywordseo="chief-executive-officer" source="Orion">Chief Executive Officer</keyword> -- Africa, Middle East &amp; South Asia -- Eugene Willemsen said India remains a pivotal market for the company, playing a crucial role in our global strategy. "Over the last six years, Ahmed has been instrumental in transforming our business, driving innovation, and steering the team through challenging landscapes. His leadership saw the introduction of pioneering products and various community-focused initiatives, and I look forward to continuing to work with him in his new capacity," he said. Welcoming Kotecha, he said, "We will continue to scale new zeniths of success under his leadership with our Indian consumers." PepsiCo, which owns brands such as Pepsi, Lay's, Kurkure, Tropicana 100%, Gatorade, and Quaker, entered the Indian market in 1989 and has grown to become one of the largest food and beverage businesses here. Pepsico India Holdings revenue from the sale of products and services on a consolidated basis was up 28.47 per cent to Rs 8,127.07 crore, for the financial year that ended on March 31, 2023.

Jagrut Kotecha to lead PepsiCo in India, Ahmed El Sheikh moved to Middle East Business

Even as international <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> fell relatively on Monday with relative ease in <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> in the Middle East, the prices of the safe haven yellow metal are seen rallying towards USD 2,500 in case of further escalation in the war situation. At the time of filing this report, gold June futures contracts were 1.4 per cent or USD 35 lower at USD 2,378.70 per ounce, after a five-week rally. According to a Bloomberg report, gold remains almost 15 per cent higher so far this year, with gains supported by central bank buying and demand from Asia. Ajay Kedia, a Mumbai-based expert and head of Kedia Advisory, said fundamentals in the gold are not working at present. He said the geopolitical conflicts in the Middle East is leading to the strengthening of the <keyword id="19976503" type="General" weightage="20" keywordseo="Dollar-index" source="keywords">Dollar index</keyword>, which is typically negative for gold. Further, he said the gold market is now in an overbought zone. Any de-escalation in the <keyword id="20132853" type="General" weightage="20" keywordseo="Middle-East-crisis" source="keywords">Middle East crisis</keyword> is key for gold, he said, as he advised investors to avoid taking positions in the market. In case of further escalation, he sees gold at USD 2500 and with de-escalation USD at 2,320. Historically, gold, as an asset, is considered to be haven as it typically manages to retain or appreciate its underlying value in times of turbulence. Gold finished March at USD 2,214 per ounce, 8.1 per cent higher month-over-month, driven by higher risk and positive momentum. The move in the gold price year-to-date has also been likely aided by growing geopolitical risk, continued central bank demand and resilient gold consumer buying, said the World Gold Council recently. "Looking forward we find that, while gold is trading at all-time highs, investment demand - especially that linked to gold ETFs - remains low and given the right conditions could provide additional support," the gold council said in a report. Particularly for India, a key market, it said Indian elections will likely stall local demand in April. "India, the world's largest democracy, goes to the polls in April. The market will see little activity during the six-week election period. To boot, a diminished wedding season on the other side suggests that, all else equal, we should not expect to see any pent-up demand from Indian consumers in June," it argued. Gold consumption tends to be impacted during the election season as typically there is heightened scrutiny on the movement of cash, gold, and jewellery. Anecdotal evidence suggests that the various industry stakeholders (bullion dealers, manufacturers, and jewellers) limit their transactions during this time, the World Gold Council said. Gold is at an all-time high and is getting attention, but the council believes assets at such levels are challenging for investors who think they may have missed the boat. "However, our analysis suggests that gold is currently well supported by fundamentals, and the low participation from US investors in particular augurs well for the rally to continue, in contrast to what we saw in 2011," it added. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a><a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank">EV sales expected to grow by over 65% in 2024, double its overall market share</a>

Escalation in Middle East crisis could fuel international gold prices to USD 2,500

<ul><li>The <keyword id="20656465" type="General" weightage="100" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> and iPhone 16 Pro Max are expected to be <keyword id="20054650" type="General" weightage="20" keywordseo="Made-in-India" source="keywords">made in India</keyword> soon after their global debut.</li><li>This will be the first time that the Pro models are being made in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>.</li><li>Domestic production is expected to slightly bring down the cost of the <keyword id="22846245" type="General" weightage="20" keywordseo="iPhone-Pro-models" source="keywords">iPhone Pro models</keyword>.</li></ul>In a boost to <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword>’s iPhone production in India and the country’s Make in India initiative, the iPhone Pro models, the iPhone 16 Pro and iPhone 16 Pro will be made in India, making them the first Pro models to be made in the country. According to a<a href="https://www.bloomberg.com/news/articles/2024-08-20/apple-s-first-made-in-india-iphone-pro-models-coming-this-year"> report</a> by Bloomberg, the iPhone 16 Pro and iPhone 16 Pro Max will be assembled by Apple’s partner <keyword id="19926050" type="General" weightage="20" keywordseo="Foxconn" source="keywords" meta.keywordsubtype="org" meta.entityname="Foxconn" meta.hostid="261" meta.entityid="Foxconn">Foxconn</keyword> at its facility in Sriperumbudur, Tamil Nadu. The assembly of the devices will reportedly begin just weeks after their launch. The company has reportedly started training thousands of workers as it aims to produce the Pro models in India as close to their global debut as possible. Last year, Apple produced the<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-iphone-15-plus-with-usb-type-c-port-improved-cameras-launched-starting-at-799/articleshow/103615581.cms"> iPhone 15</a> in India and this was available from day one. Soon after this, the iPhone 15 Plus was produced in India by <keyword id="20003591" type="General" weightage="20" keywordseo="Pegatron" source="keywords" meta.keywordsubtype="org" meta.entityname="Pegatron" meta.hostid="261" meta.entityid="Pegatron">Pegatron</keyword>. The<a href="https://www.businessinsider.in/tech/mobile/news/iphone-15-pro-pro-max-can-record-3d-videos-that-can-be-viewed-on-vision-pro-in-a-magical-way/articleshow/103616220.cms"> iPhone 15 Pro and iPhone 15 Pro Max</a> were imported in the country. The ‘Made in India’ iPhone 16 is expected to be available in India from day one. Apple has been pushing its production in India since 2021, as its push for diversification of its production from China was welcomed with production-linked incentives (PLI) from the Indian government. In FY24, the Cupertino tech giant assembled iPhones worth $14 billion in India, accounting for 14% of its global output. While Foxconn is expected to spearhead iPhone 16 Pro and Pro Max production in India, the <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> and Pegatron are also expected to assemble the Pro models later this year. <h2>Domestic production to make iPhones cheaper</h2>While there is no confirmation from Apple, the report reveals that Apple will be able to meet the domestic demand for iPhones in India through locally assembled devices by the end of the year. This is expected to slightly bring down the prices of iPhones in the country. Apple is expected to export the bulk of the domestically produced Pro models of the iPhone 16 series to the US, Europe and the Middle East after meeting the local demand. Apple saw robust sales of around $8 billion in the country in FY24, an increase of around 33% year-on-year. Apple shipped over 10 million iPhones in 2023 in India, up from 6 million in 2022. The company recorded a 6% market share in the Indian smartphone market in 2023. Experts have said that there is a definitive trend of Apple attracting many first-time users for its newly launched iPhones in India, alongside the strong sales of previous-generation devices. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-records-7-1-growth-in-q2-2024-hp-leads-with-nearly-a-third-market-share/articleshow/112643060.cms">Indian PC market records 7.1% growth in Q2 2024, HP leads with nearly a third market share</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-records-7-2-growth-in-the-first-half-of-2024-vivo-leads-the-market-in-q2/articleshow/112629172.cms">Indian smartphone market records 7.2% growth in the first half of 2024, Vivo leads the market in Q2</a>

The iPhone Pro models will be made in India for the first time this year

A sixth-grade social science textbook that I read described India as a piece of fabric, with countless threads coloured in a myriad of majestic shades, woven together. This metaphor holds exceptionally well when put into the context of our <keyword id="22706215" type="General" weightage="20" keywordseo="handloom-industry" source="keywords">handloom industry</keyword>. India has a rich history of handlooms and weaving cultures. The culture of handlooms is so intricately woven into Indian culture, that there are whole towns dedicated to the same: <keyword id="248532" type="General" weightage="20" keywordseo="Chanderi" source="Orion">Chanderi</keyword> in Madhya Pradesh to Pochampally in Telangana and a dozen more! Unfortunately, the handloom industry in India is dying. The struggle is multi-faceted, ranging from a declining workforce to fierce competition from <keyword id="20496028" type="General" weightage="20" keywordseo="power-looms" source="keywords">power looms</keyword>. Hence, five years ago, August 7 was proclaimed <keyword id="22677698" type="General" weightage="20" keywordseo="National-Handloom-Day" source="keywords">National Handloom Day</keyword> in response to this crisis and to heighten public awareness. This date holds special historical significance, commemorating the initiation of the Swadeshi Movement in 1905—a pivotal act of defiance against British colonial rule. <h2>When did this industry come into existence?</h2>According to archaeological findings, the origins of handloom in the Indian subcontinent may be traced back to the Indus Valley Civilization. The Mughal Empire was known to support and patronise <keyword id="20258864" type="General" weightage="20" keywordseo="weavers" source="keywords">weavers</keyword>. The support from the royal patrons resulted in the invention of new textiles such as ‘Mulmul’ and ‘Banarasi Brocade’ among others. This era witnessed a heightened worldwide demand for Indian textiles. In the 17th century, India produced 25% of the world’s textiles, with Bengal accounting for more than 50% of textiles and 80% of silks imported by the Dutch from Asia. <h2>What led to the decline of the <keyword id="19934660" type="General" weightage="100" keywordseo="Indian-handloom" source="keywords">Indian handloom</keyword>?</h2>The East India Company's entry fuelled the industry's initial decline, which started in the 1830s. The weavers were obliged to sell only to the British, and that too at exceedingly cheap prices, virtually putting them out of business. On the other hand, Indian cloth was taxed excessively to promote machine-made British clothing. The Industrial Revolution in Britain strengthened their indigenous textile industry, giving rise to new markets for cheaper textiles. In India, the collapse of the Mughal aristocracies meant no access to royal patronage. As a result, textiles like Khadi and muslin had little demand in the market. Circling back to the present, the industry is facing both similar and new challenges. Fabrics made on power looms are cheaper and faster to produce, in comparison to handloom fabrics. The industry is largely unorganised, and the wages are shockingly low. 67% of <keyword id="22706216" type="General" weightage="20" keywordseo="handloom-workers" source="keywords">handloom workers</keyword> are earning less than the minimum wage every month. Faced with economic challenges, the older artisans are thus forced to encourage the newer generation to choose an alternative career path. This migration of the workforce from a traditional sector is evident from the fall in the number of weavers less than 35 years of age- from 26.13 lakh in 2009-10 to 16.07 lakh in 2019-20. The majority of weavers do not have access to banking facilities, let alone institutional credit. Furthermore, if one manages to accumulate credit, there is a mismatch between the supply and demand forces due to the lack of awareness about handwoven textiles in the current generation. <h2>Initiatives for revival</h2>The cultural significance of the Indian handloom isn’t just limited to its beauty and extravagance, but it extends to our independence struggle as well. The Swadeshi movement immortalised the charkha and advocated for the use of indigenous goods. Following independence, the Indian government took many measures to revive the handloom industry. In 1953, India’s Parliament approved the Khadi and Other Handloom Industries Development Act. In 1955, the All India Handloom Fabrics Marketing Cooperative Society was formed to promote the sale of fabrics produced by handloom cooperatives across India. The National Handloom Development Programme (NHDP) aimed to provide financial assistance for marketing and production. The Handloom Weavers’ Comprehensive Welfare Scheme offers health and life insurance to weavers, to ensure social security. The organisation commenced a fortnight-long exhibition, “VIRAASAT” dedicated to celebrating the 10th National Handloom Day began at Handloom Haat in Janpath, New Delhi on Saturday, 3rd August 2024, and will conclude on 16th August 2024. The Handloom Mark scheme was introduced to authenticate handloom products, thus enabling weavers to gain better market access and ensuring that consumers get genuine products. Moreover, the India Trade Portal also mentions that the GOI plans to provide financial assistance of Rs. 30 crore to at least 10,000 handlooms. Various state governments also regularly conduct handloom expos and fairs, providing platforms for weavers to showcase and sell their products directly to consumers. <h2>Contemporary Brands and their love for Indian handloom</h2>Modern, popular designers such as <keyword id="8264" type="General" weightage="20" keywordseo="Sabyasachi" source="Orion">Sabyasachi</keyword> and <keyword id="21493890" type="General" weightage="20" keywordseo="ritu-kumar" source="keywords">Ritu Kumar</keyword> are known to work closely with weavers and have been doing their part by bringing worldwide attention to the handloom industries. Recently, <keyword id="1472101" type="General" weightage="20" keywordseo="Ajrakh" source="Orion">Ajrakh</keyword> was brought into the limelight when Alia Bhatt wore a custom Abu Jani Sandeep Khosla Ajrakh saree to Joy Awards in Riyadh. However, it’s not just the fashion moguls who are working towards the revival of this industry. Contemporary indie brands are partnering with local weavers, and creating awareness about their work. The emergence of such indie brands and their association with local artisans is beneficial for both entities. For instance, Joskai Studio derives its name from ‘Joskai’, a woven piece of cloth worn as a part of the traditional costume of the Tiwa community of Assam. They work with artisans in northeast India, specifically from the weaving village of Saualkuchi in Assam. Rouka by Sreejith Jeevan is a Kerala-based brand that works strictly with weavers from Kerala, specifically Chendamangalam and Kuthampally. <h2>Employment and Exports</h2>According to the Indian Trade Portal, the Indian handloom sector is the country’s second-largest employer after agriculture in rural areas. The Handloom Census 2019-20 mentions that the industry employs about 35,22,512 workers across the country, with women forming 77.29% of the workforce. India is the second largest exporter of handloom products in the world, with exports valued at $ 353.9 million in 2017- 18, as per EXIM bank's working papers. The major handloom export centres are Karur, Panipat, Varanasi and Kannur where handloom products like bed linen, table linen, toilet linen, floor coverings, and embroidered textile materials and curtains etc. are produced for export markets. During April 2021-February 2022, India exported handloom products worth 1693 crore, as per Indian Trade Portal. Indian silk scarves also form a sizable chunk of total handloom exports, in addition to home textiles like carpets, rugs and mats, which constitute over 13.6% of India’s total handloom exports. <h2>The Path Forward</h2>The mere existence of organisations and allocation of funds isn’t enough to sustain the legacy of India’s rich handloom industry. Big corporations working with local weavers ensure employment but don't protect them from exploitation and meagre wages, leaving them vulnerable. The people in power ought to come up with strategies that ensure the trickle-down effect of the schemes and funds. The new generation of buyers has a greater purchasing power than the one before them. Marketing focused on bringing Indian handloom practices into the limelight can do wonders in this case.

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India's Services Index jumps to 58.5 in October as employment grows the fastest in 26 months

BI India Bureau

Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

ANI

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

PTI

Jagrut Kotecha to lead PepsiCo in India, Ahmed El Sheikh moved to Middle East Business

PTI

Escalation in Middle East crisis could fuel international gold prices to USD 2,500

ANI

The iPhone Pro models will be made in India for the first time this year

Sourabh Jain

Fabric of a nation: Sustaining India's handloom legacy in modern times

Prerna Tyagi

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