Bangalore, Jun 18 (UNI) In the wake of the changed landscape of the construction industry, the USD nine billion domestic furniture industry is poised for big growth, Liyakat Ali Khan, President of Universal Exposition Group said today.
The Group would organise a four-day 'Index B2B Tradefair', a premier business forum for the furniture industry, at KTPO trade Centre in the city from June 26, he said, briefing newspersons.
He said expensive machinery and government not giving the industry status to furniture manufacturers had been the hindering factors for the sector, which is growing at an estimated 20 to 25 per cent per annum.
''Wood working machinery is very expensive. To set up a small furniture manufacturing unit, the entrepreneurs will have to invest at least Rs two crore. But still we are witnessing huge investment in the sector during the last five years and it is poised for a big growth,'' he said.
He said the country was witnessing a steady surge in furniture imports from around the world. It increased by 65 per cent from USD 152 million to USD 251 million in 2006-07 as the import market was striving to keep pace with the explosive demand.
The main countries for imports were China, Malaysia, Italy, Germany and Singapore in that order. While China and Malaysia catered to middle class, Italy and Germany account for upper end furniture, he said.
Index Tradefair, a B2B event on furniture, lighting, furniture hardware and interior accessories, would see 70 domestic companies, including top furniture manufacturers like Geeken, Tomta, PSL, Alno, TTK and Jindal, participate in the event.
UNI RS VV SSI1525