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India: leather industry aiming at 5%-6% growth

Jan 21, 2019 India
India: leather industry aiming at 5%-6% growth
The leather-based industry in India is anticipating registering a growth rate of 5% to 6% in exports for the current fiscal year, 2018-19, according to the Council for Leather Exports
According to the Council for Leather Exports, the leather sector in India is expecting to register exports growth of 5% to 6% in financial year 2018-19.

The same source underlined that this growth, in rupee terms, has the potential to be even more expressive in the coming years, as it can be fuelled by a combination of factors, such as a vast raw material base, strong products and availability of workers for the industry

According to the latest edition of the World footwear Yearbook (AVAILABLE HERE), in 2017 India was the 2nd largest producer of footwear, with a 10.2% share in the world total (China continues to be the indisputable leader with a 57.5% quota). Despite being such a strong producer, India is only the 9th largest exporter (share of 1.3%), given the fact that much production stays in the country and feeds the immense domestic market (India has an estimated population of roughly 1.4 billion people). In fact, according to the same source, in 2017, India overtook the US as the second largest consumer of footwear: a milestone in Asia’s ascent to prominence in the world market, reflecting strong demographic and economic trends (READ ALL ABOUT IT HERE). According to the same source, in 2017 the country was the 2nd largest producer of footwear: 2 409 million pairs and a global share of 10.2%

Photo by Markus Spiske on Unsplash

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