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Leather sector seeks Govt's help to overcome Euro cisis
23
Jul '10
Leather industry of the country is demanding Government's assistance to overcome the European crisis, which could affect industry's growth in second half of the current financial year.

Habib Hussain, Chairman of Council for Leather Exports (CLE) stated that, European crisis will hamper the growth of leather industry, since 65 percent export transactions are in euro, while 10 percent are in pounds.

The downside in the market is largely dependent on euro, irrespective of the significant 25 percent growth in various segments during the first four months. And hence, despite having a huge upward leap during the last four months, Hussain said that, they expect a very good first half, but the latter ride is estimated to be tough, and hence, the council has asked the government for assistance during this period.

Expressing concern over the volatility in currencies affecting businesses, he stated that, after receiving an order it takes around four to six weeks to sign the contract and by then value of the currencies have changed.

But the mockery for India is that, while the world leather industry is eyeing at India to be the next alternative to China, India is experiencing the heat of the European financial crisis, which in turn is impeding the growth of its leather industry, averred Hussain.

India contributes just three percent in international leather imports, although it is the world's second largest footwear and leather garments producing country. Indian leather industry needs infrastructural development as well as skilled workforce for improvement, underlined Hussain.

Among measures to develop the industry, a target to increase the export to $7.03 billion till fiscal 2013-14 from $3.59 billion as recorded during 2008-09, has been fixed. The local market for leather is also predicted to grow significantly, in the future.

Fibre2Fashion News Desk - India

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