Handicrafts are important also in terms of economic development. They provide opportunities for employment even with low capital investments and become a prominent medium for foreign earnings through the global market. The importance of handicrafts during the past years has grown due to their cultural and financial values. The small scale industries – including handicrafts can play a major role in the development of the economy of both developed and the developing countries equally.
The 90-95% of the total industrial products of the world are produced in small workshops run by less than 100 people. For instance, Japan, which is at the peak of economic development, has considered 84% of its industries as small and medium scale industries. In countries such as India and China, handicrafts are as high as the mechanized products in quality and volume, and are a major source of their foreign earnings. These countries are focusing on the development of the handicraft industry, in order to strengthen the economy
Source: https://macrame-dress.com/blog/the-value-of-handicrafts
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