New Delhi: Leather exporters have demanded immediate support from the government while pointing out that shipment orders worth USD 1 billion (around Rs 7600 crore) were cancelled in the last one week on account of the coronavirus spread.
More than 90 per cent of exporters fall under the MSME segment and there is a huge loss of capital for all of them, the Council of Leather Exports said in a statement. The leather industry employs 4.42 million people.
The Council’s Chairman Aqeel Ahmed Panaruna said in these challenging times the sector is facing huge losses and “I am extremely concerned that the companies in the leather, leather products and footwear sector (including non-leather footwear, components and sub-suppliers) will not survive unless the central and state governments implement a stimulus package”.
Explaining the current situation, Panaruna said the overseas buyers are continuously cancelling their export orders due to unstable situation in major markets including Italy, Germany, Spain, France, UK and USA which constitute about 65 per cent of exports of the industry.
Further, the buyers have put-on hold the shipments which are ready for export, he added.
“The buyers in other major markets have also drastically reduced their buying forecasts. The virus spread has adversely impacted more than 2700 registered manufacturer exporters who are in deep trouble across pan Indi,” he added.
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