India attempts a recoveryAfter a difficult two-year period, the stock prices of the Indian leather-footwear industry rise, with investments of 400 million dollars planned
The job prospects in India improve.
After a difficult two-year period that saw the turnover of the leather industry fall by more than 13%, going from 6.5 to 5.6 billion dollars, the latest figures for the period April-December 2017 show a slight increase in exports (+1.5%). This optimism is generated by the new development plan announced by the federal government which has allocated around $400 million to support the leather-footwear industry over the next three years.
There are different projects: investments in human resources, new manufacturing clusters, promotion in foreign markets. The objective is to achieve a turnover of $23 million, including US$7.5 billion in exports by 2020.
To make it easier for businesses, the government of New Delhi has also revised upwards the refund rates of export duties: for finished leather, it went from 1.2% to 2.3%; for footwear, from 2.6% to 2.9% and for leatherwear, from 2.4% to 2.9%. This measure will help Indian producers to strengthen the competitiveness of products exported on the international market.
In this positive context, the 33rd edition of IILF was held in Chennai at the end of January, the most important leather Indian fair, which registered a presence of 450 exhibitors from all over the world, testifying to the importance of a sector that has always been considered a priority in the country. The entire range of products related to the leather industry were on display, from raw materials to finished products, machinery and chemical auxiliaries.
The fair ended with positive feedback from participants in terms of turnout and market interest.
During the opening press conference of the fair, the president of the Council for Leather Exports (CLE), Mukhtarul Amin, said he expected a growth of around 10% for the Indian leather industry in 2018