Fears for leather sector following budget speech
The interim budget introduced earlier this week by India's acting finance minister, Pranab Mukherjee, has met with disappointment from various sectors, not least the leather sector. Many feel not enough has been done to help manufacturers and exporters during these tough times.
"The leather export sector is extremely disappointed that the interim Budget offers very little for the leather or exporting sectors," Council of Leather Exports (CLE) chairman, Habib Hussain, said.
According to the CLE, many overseas buyers have cancelled or cut back on orders because of the global economic turmoil and many tanneries are now either temporarily closed or are working at far reduced capacities. There are now fears that production and exports will fall even further, which would cause further loss of income and staff cuts. According to Mr Hussain, thousands of jobs could be lost in the next quarter.
