India’s leather exports set to reach $7 billion by 2 - leatherbiz: Lea Leatherbiz

News

India’s leather exports set to reach $7 billion by 2010

22/11/2006

India’s leather exports are likely to reach $7 billion by 2010, according to Shri Kamal Nath, Minister for Commerce and Industry. According to the minister, current leather sector exports stand at about $2.7 billion, and are growing at a rate of approximately 8% per annum. He added that if the country’s projected export levels are to be met, average growth of 20% must be achieved and production capacities must be increased using modern, state-of-the-art technologies.

Under a World Trade Organisation regime, Indian leather products will not only have greater market access to developed and industrialised countries, but the cost competitiveness of domestic manufacturers will improve as a result of a gradual phasing out of import duties on materials and machinery.

The Indian government has been playing a proactive role in boosting the sector through policy support measures, financial assistance and the implementation of an Integrated Leather Development Programme. However, sizeable domestic and global investment in the sector remains very low, and currently attracts just 0.15% of total foreign investment.



Leatherbiz.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.