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The role of Handicraft Industries in Rural India Economy is very important and its contribution towards the rural economy of India is increasing steadily. The rural economic policies of India is drafted according to the needs of rural India since, majority of the population (around 70%) lives in about 600,000 small villages. The rural India is almost wholly agriculture based and a small part of the rural Indian population is engaged with small industries like handlooms, handicrafts and other traditional produce. The role of Handicraft Industries in Rural India Economy became important, since today the organized sector of Indian industry is ready to absorb the products from these industries. Moreover, with liberal trade and export policy, the export of the Indian handicrafts industry is on an all time high. Presently, the global market of handicraft is valued at US$ 400 billion and India's share in the global market stands at 2% only. However, the handicraft industries in rural India economy registered an annual growth rate of 15% consistently over the last decade and it is estimated to grow at the rate of 42% over the next five years annually.