Leather export to cross 3 billion USD in 2008

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Chennai, Jan 30 (UNI) The export of leather is expected to cross three billion US Dollars in 2008, despite Rupee appreciation hitting the leather sector, according to Council for Leather Exports (CLE).

Talking to newspersons here today, CLE Chairman Mukhtaraul Amin said "the export of leather and leather products from India reached an all-time high value of 2.98 billion US Dollars in 2007 and it is expected to touch 3.3 billion US Dollars this year, a growth of about nine per cent in terms of dollars." "Footwear exports alone soared to 1.21 billion USD during 2007, accounting a share of 40.65 per cent in India's total exports from leather sector," he added.

He pointed out that considering the impact caused by the Rupee appreciation on leather sector, the Council has submitted a Memorandum to the Centre, highlighting the adverse implications of rupee appreciation on exports from leather sector and seeking relief.

"The industry is hopeful that the government will soon announce an exclusive relief package for the leather sector," he added.

Mr Amin said the Council has sought some policy and fiscal support measures from the Government in the coming Union budget and Annual Supplement 2008-2009 to Foreign Trade Policy 2004-2009.

"Some of the fiscal measures sought by the Council in the upcoming budget, include exemption of Central excise duty, CVD on machinery and equipment used in leather and leather product sector, reduction of import duty on spare parts of machinery to five per cent and exemption from Central excise.

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