The growth is attributed to the increasing demand for leather goods and footwear from countries like China, the United States, and the European Union.
The Leather Industry in India
The leather industry in India is one of the largest in the world, with a history dating back to the Mughal era. The industry has grown significantly over the years, driven by the increasing demand for leather goods and footwear from both domestic and international markets.
Key Statistics
The Growth Drivers
Several factors are driving the growth of the leather industry in India. Some of the key drivers include:
The Indian Export Sector: A Growing Force in Global Trade
The Indian export sector has been a significant contributor to the country’s economic growth, with a total turnover of approximately $19 billion. This substantial figure encompasses not only domestic sales but also exports, which account for a substantial portion of the total turnover. In this article, we will delve into the Indian export sector, exploring its growth, trends, and opportunities.
Key Statistics and Trends
Opportunities and Challenges
The Indian export sector is poised for further growth, driven by emerging markets and increasing demand for Indian products. However, the sector also faces several challenges, including:
Exploring New Markets
Despite these challenges, Indian exporters are exploring new markets and business opportunities. One of the most promising regions is Africa, where Indian companies are establishing a strong presence.
Reducing export duty could boost India’s textile industry and economy.
The Current Situation
The export duty on wet blue and crust is currently set at 20 per cent, which has been in place since 2018. This duty is imposed on the export of these raw materials, which are used to produce textiles. The council’s recommendation is to revisit this duty and consider reducing it to zero.
Benefits of Reducing Export Duty
The Impact on the Textile Industry
The textile industry is a significant contributor to India’s economy, with the country being one of the largest textile producers in the world. The export duty on wet blue and crust is a major factor in the industry’s competitiveness, and reducing it could have a significant impact on the industry’s growth and development.
Challenges Facing the Textile Industry
The Way Forward
The council’s recommendation to reduce the export duty on wet blue and crust is a positive step towards supporting the growth and development of the textile industry.
On challenges, he said the industry has to work on adequate skilled labour and design development.
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