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Leather Industry
Why is it in the news?
- As per the top leather industry official, India registered about 8% growth in export of leather, leather products and footwear during 2018-19.
- It also said that India is now aiming to achieve 9% to 10% growth during the current fiscal.
More in the news
As per the officials of the Leather Industry,
- In rupee terms, exports during 2018-19 grew to ₹36,562.34 crore from ₹33,894.71 crore in the corresponding year-earlier period.
- Good growth levels shown by other segments such as leather footwear (8.98%), leather goods (13.78%), saddlery and harness (10.74%) and footwear components (4.21%).
- These events would cover the traditional markets of Europe and potential markets such as Chile and Peru, Russia, Australia and Japan.
- Domestic Consumption:(1) Over 90% of our leather footwear output is consumed in the domestic market.(2) During FY19, nearly 2.4 billion pairs of shoes of domestic and international brands were sold in the country.(3) Thus, India has become the second largest consumer of shoes after China due to the huge domestic opportunity. USA is in the third position
- GSP Impact:(1) GSP withdrawal will have a negative impact of $250 million.(2) It will be a challenge to export certain types of finished leather and leather goods since the zero duty benefit under GSP scheme is currently extended to these segments.
Source
The Hindu.