The demand of leather products has risen from the last two decades, it is now become a prominent industry of India. Fashion, Footwear, Furniture, Interior, and Automotive are the main sectors which derived the demands of leather products.
Indian leather product is around 13% of the world’s total production of skins, and 10% of world’s footwear production also come from India.
Leather goods prices are expected to be increase by 5% from the next financial year. Therefore, Premium and branded leather shoes, bag prices can also be expensive.
Import duty on raw materials and finished leather goods also increases by 10%. So with a 10% increase in import duty on raw materials and finished goods, the price can certainly be higher.
The prices of leather goods may increase by 5%
Increasing leather goods prices will make domestic manufacturers competitive in the global world where we have positioned ourselves strongly, according to the manufacturer of Pondicherry Companies.
The industry has been asking to allow duty-free import
Well, the industry is asking the government to allow duty-free import of raw materials and tax imports on finished goods.
This will encourage the manufacturer of labor-intensive finished goods as it will make Indian goods competitive in the markets.
10% original custom duty
The original custom duty of goods is 10% placed on wet blue chrome tanned leather.
All types of finished leather goods including partitions and sides from Neil Duty.
The increased value will be calculated as it is to be seen whether the markets can absorb.
The new tariffs may increase the cost of leather, especially for high-end brands that import semi-finished and finished leather products.
This will increase leather productivity
Well, this will push for improvement in the productivity of leather goods in an efficient way.
This is a step towards being a self-reliant India as we will have to work closely with manufacturers of leather goods.
Manufacturers will certainly increase overall efficiency and reduce costs.
India was dependent on other countries
However, India depended on the country of import leather such as South America, New Zealand, Brazil, Africa, all these countries are known for their quality and finish of leather products.
The demand for leather goods in the market is also increasing.
India exports $ 5 billion worth of leather annually
India Yearly exports leather goods for amount $ 5 billion. India is the second-largest exporter of leather goods in Asia and the fifth largest exporter of leather goods in the world.
The whole world is watching India because our country specializes in wearing leather shoes. India just needs to see ways and mains. However, the leather industry is requesting the government to announce employment incentives for leather goods.
India is the top employment sector in the world
The leather industry created jobs
The leather industry has a tendency to generate 250 jobs for every $ 0.2 million invested.
Even its Indian market may soon have Chinese leather products as the import duty is only 15%.