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Rising rupee issue, priority for leather sector - FIEO
13 Jun '07
1 min read
Continued appreciation of Rupee is troubling entire textile industry, significantly. Leather and footwear sectors, especially the exports have been in doldrums and are striving to survive.
Several industry players are demanding compensations for their losses and have urged the Government to take steps that will help cope with the strengthening Rupee.
Fibre2fashion talked to R K Dhawan, Chairman of Federation of Indian Export Organizations (FIEO), to have a clear overview of the prevailing situation. Dhawan agreed, “Yes, textile and leather sectors have been hit hard by the rising Rupee. Many units have seized operations, while in an attempt to stay afloat, some have diversified their products.”
As for steps being taken to revive this industry, Chairman informed, “Tomorrow, we are meeting with Secretary, Ministry of Commerce, G K Pillai, at Kanpur to discuss this issue. The Ministry has assured us that this problem will be taken to Highest Level in the Ministry of Finance, so as to provide atleast some relief to the exporters.”
Several industry players are demanding compensations for their losses and have urged the Government to take steps that will help cope with the strengthening Rupee.
Fibre2fashion talked to R K Dhawan, Chairman of Federation of Indian Export Organizations (FIEO), to have a clear overview of the prevailing situation. Dhawan agreed, “Yes, textile and leather sectors have been hit hard by the rising Rupee. Many units have seized operations, while in an attempt to stay afloat, some have diversified their products.”
As for steps being taken to revive this industry, Chairman informed, “Tomorrow, we are meeting with Secretary, Ministry of Commerce, G K Pillai, at Kanpur to discuss this issue. The Ministry has assured us that this problem will be taken to Highest Level in the Ministry of Finance, so as to provide atleast some relief to the exporters.”
Fibre2fashion, News Desk - India
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