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Leather industry needs to explore potential opportunities
07
Jul '09
Economic growth in India is very impressive putting it in the global spotlight. Industry analysts predict that with this momentum of growth, the country will be the third largest economy by 2040.

The post liberalization era has opened new opportunities for the Indian leather industry, making it to gain a bigger share in the pie. Leading brands from US and EU are importing or planning to source leather and leather products from India.

Leather industry occupies a major place in the Indian economy, ranking one among the top ten export revenue generators of the country. It generates employment opportunities for 2.5 million people, including employment to weaker and minority people comprising about 30%.

The strength of the Indian Leather industry depends on factors like availability of abundant and cheap manpower; hefty raw material base; continuous emphasis on product development and design up gradation.

With plethora of opportunities like rising potential in the domestic market; application of various resources of information technology and decision support software will help eliminate the length of the production cycle for different products.

Still some weaknesses like lack of warehousing support, price fluctuation in the global market, and lack of understanding of the international standards hinder the growth of the industry.

Deeper problems should be taken care of to achieve the expected growth and to utilize the industrial resources to its fullest extent.

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Fibre2fashion News Desk - India

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