The Indian carpet industry, one of the country's most important sources of foreign exchange, is also well-known worldwide for its rich art and tradition. However, there is concern about innovation, financial inclusion, and sustainability. The current study explores the MANCHAHA initiative, a step taken by the Jaipur Rugs carpet industry toward sustainability, as well as its relevance and significance for other hand-craft or carpet industries. It also examines how it affects the financial inclusion of rug weavers. The single-case study method has been used in conjunction with the descriptive research design to conduct the study. The idea of innovation utilizing conventional methods is somewhat obsolete and underappreciated, but the company's MANCHAHA project disproved this preconceived notion.
Top1. Introduction
The Indian carpet industry, one of the country's most important sources of foreign exchange, is also well-known worldwide for its rich art and tradition (Kumar et al., 2020). It has a long history and tradition of production in India, even though it is still regarded as a cottage industry (Bano, 2016).
According to IBEF (2022), in terms of value and volume, India now holds the highest place in manufacturing and exporting handmade carpets and other floor coverings. The nation is the world's top exporter of carpets, exporting around 85% to 90% of the entire amount it produces. Regarding handmade carpet exports, India is responsible for about 40% of the total. In 2021–2022, India's exports of handmade carpets and other floor coverings increased by 19.5% to reach US$ 2.23 billion.
However, there needs to be more concern about innovation, financial inclusion, and sustainability. At the same time, innovation is needed to address the worldwide sustainability challenge (Luqmani et al., 2017). Despite the fact that the rug sector might need to be given more consideration at green summits, it is estimated that it wastes billions of dollars worth of yarn annually, with the extra being burned or disposed of in landfills (Kumar R., 2022). Carpets comprise 1-2 percent of all solid wastes globally, making them one of the biggest waste products (Mohammadhosseini & Awal, 2013). To achieve sustainability, a transformative approach that seeks systemic transformation in the consumption and production systems should be encouraged (Ahmadifard & Farhadian, 2023).
In this regard, Jaipur Rugs launched the MANCHAHA initiative, in which leftover yarn from the manufacturing process is used to improve weavers' ability to make a sustainable livelihood through traditional practices and contribute to overall sustainable development. The current study explores the MANCHAHA initiative, a step taken by the Jaipur Rugs carpet industry in the production system toward sustainability, as well as its relevance and significance for other hand-craft or carpet industries. It also examines how it affects the financial inclusion of rug weavers.
Further, in the second section, the related literature has been covered to understand the status of the carpet industry, its contribution to waste and the economy, and the role of innovation in sustainability and financial inclusion. Then, the methodology has been discussed under which the study area and the method used for sampling, data collection, and analysis have been covered. This is followed by the findings and discussion in which the collected data has been analyzed and interpreted. Finally, the study's implications and summary of the findings have been covered in the conclusion, followed by the limitations and the scope of future studies.