The leather industry has been one of the hot spots for forex earning for the country. In the wake of availability of best of material, skill and technology, planned intervention and encouraging policies from the key players should make the golden dream of making India a global lead player possible.
With increasing liberalised trade, India is expected to play a major role in the global leather export goods, and, in such a scenario, the role and pertinence of skill development in the leather industry has become more significant as well. The leather industry has witnessed a spurt in growth in the recent past, and, this can be attributed to the huge demand for leather based products, in the conventional shoe -ware and luggage products, and, in the areas of fashion and sports as well. With a growing economy and an increased consumption pattern, the demand for leather-based style-wear and other commodities are on the rise.
This sector conventionally known for its consistency in high export earnings, is among the top ten foreign exchange earners for the country. With an annual turnover of over US$ 12 billion, the export of leather and leather products has increased manifold over the past few decades, and, has touched US$ 6.5 billion during 2014- 15, recording a cumulative annual growth rate of about 13.10% (5 Years). The industry is expected to witness growth of around 23 percent over the next five years.
Opportunity to scale-up
With the present Government dispensation taking long strides with the "Make In India" initiative, it is good to know that the leather industry is among those sectors that has been marked for growth. One of the primary targets set under this initiative is to enhance the turnover of this industry from the current $12 billion (nearly Rs 79,392 crore) to $27 billion (Rs 1.78 lakh crore) by 2020.
This story is from the March 2017 edition of Human Capital.
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This story is from the March 2017 edition of Human Capital.
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