Horse Purse - Date help please??

OH my God - I have a purse with that same tag! lol

I am torn between 60s and 70s. The shape seems earlier but the purse I have with that tag is 70s.
 
I am just guessing, but...

The elephant on the label looks Indian to me (the decorative element on the head and the textile on the back). The word beneath the elephant looks to me like GYARAA. I Googled that word and found that 'gyaraa' *seems* to be a legitimate Hindu word. So, I don't know if that is what it says, but it is apparently a possibility.
 
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