Indian government intends to invest between 10 billion and 11 billion US dollars for the establishment of 3-4 furniture industry cluster centers near Indian ports.
In recent years, the Indian furniture market has reached US$10 billion and US$12 billion.
The market size of imported furniture is between 1.5 billion and 2 billion US dollars, of which more than 50% of imported furniture comes from China.
The Indian government said the move was to reduce India’s dependence on imported furniture and increase exports.
In addition to the investment in production, the Indian government plans to learn from Vietnam’s experience and adopt measures to substantially increase the import tariffs on wood products to promote the long-term development of the domestic forestry industry.
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