SECTOR LOSES BUSINESS TO THE TUNE OF $1 BILLION: CLE

Explaining about the losses Mr. Aqeel Ahmed Panaruna said, “Since March 17, 2020, our industry has suffered the cancellation of export orders to the tune of USD 1 billion, shipments are put-on hold by buyers, and there is a delay in receipt of payments for the shipments already made.”

Mr. Aqeel Ahmed Panaruna, National Chairman, CLE said “The Indian leather, leather products and footwear industry (including components) is a labour-intensive sector as it employs 4.42 million people belonging to economically weaker sections. Overall women employment in the sector is 40% in India, and it is 85% in the state of Tamil Nadu. About 92% of the industry is in the Micro Small and Medium Enterprises (MSME) segment. By adhering to Social Compliance norms, our industry has earned the reputation and good-will of global buyers as a major supplier of high-quality products and is the favoured destination of buyers and brands. The spread of COVID 19 is a serious challenge faced by the industry. Our industry very well understands the adverse impact caused by the spread of the virus in our major markets of the USA and Europe. Our concerns are with all affected people, and we pray for the safety and health of all.”

Explaining about the losses Mr. Aqeel Ahmed Panaruna said, “Since March 17, 2020, our industry has suffered the cancellation of export orders to the tune of USD 1 billion, shipments are put-on hold by buyers, and there is a delay in receipt of payments for the shipments already made”.