Indian Toran are used as decorations around windows and doorways and are among the contents of a womans dowry. The insertion of these small mirrors into textiles is a characteristic of products from the Gujarat region, as well as others in India.
While there is some deterioration to be seen here, I don't suspect this textile to be antique, although it may have some age. In short, a fun, funky decoration which adds the perfect touch to a most utilitarian room in my home as seen below.