Indian leather exports to touch $ 7 billion

By SiliconIndia   |   Thursday, 23 November 2006, 06:00 Hrs
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New Delhi: Exports from India's leather sector are likely to reach $7 billion by 2010-11, according to Union Commerce & Industry Minister Kamal Nath. This is up from $2.7 billion, the current export earnings from the leather sector with an annualized growth of around 8 percent.

Nath informed at India Leather Summit 2006 organized by the Council for Leather Exports (CLE).
"In order to raise leather exports to the projected level, annual export growth rate at an average of 20 per cent must be sustained and additional capacities must be created with modern and state of the art production technologies,"he added.

Indicating that Indian leather products would get greater market access under the World Trade Organization (WTO) regime, Nath added "Indian leather products will not only get greater market access in developed countries in view of tariff elimination and reduction mechanisms through various trade agreements but the cost competitiveness of the domestic manufacturers will improve further in view of gradual phasing out of import duties in India on inputs and machinery."

Stressing the fact that the government recognizing the leather industry to potentially create huge employment opportunities has been playing a proactive role through appropriate policy support measures and financial assistance.

Furthermore, an Integrated Leather Development Program is being implemented with the central allocation of 400 crore, focusing on modernization of manufacturing facilities in all segments of the leather sector. The program could be extended during the 11th Plan period (2007-2012), if need be, he indicated.

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