CLE urges government action
The Indian Council for Leather Exports (CLE) has reported that the current global financial crisis and consequent economic slowdown has adversely affected the export prospects of the Indian leather sector.
The CLE has requested immediate intervention measures from the government. It says the major problems for the industry include high interest rates on export credit and term loans and the recession in Europe and the US. It adds that the impact of currency depreciation and fluctuations in other currencies as well as the reduction in and cancellation of export orders continue to hamper exporters.
Indian leather exports exceeded $3.5 billion in 2007-08, rising 13.7% in dollar terms compared with the previous year. The council also reports that exports for April-November 2008 rose 11.9% year-on-year.
