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Replacing Leather - Essay Example
Author : henriette70
Pages 9 (2259 words)
The Indian leather industry occupies a place of prominence in the Indian economy for its massive potential for employment, growth and exports. Since 1973, the government has transformed itself and the laws of its lands to nurture the leather industry…
The Economics Indian Mirror in their article “The Indian Leather Industry” reported that the growth has been phenomenal, to say the least. From Rs.320 million in the year 1965-66 to Rs.69558 million in 1996-97. It also brings pride to the nation. The Indian leather industry today has been recognized for its quality and is now among the top seven foreign exchange earners of the country. From being a mere exporter of raw materials in the sixties, it is now a legitimate and dollar earning industry. The sector accounts for 2.5 per cent of the global leather-related trade of Rs. 387,200 crores. An estimated 15 per cent of total purchase of leading global brands in footwear, garments, leather goods & accessories, in Europe, and 10 percent of global supply is outsourced from India (Damodaran & Mansingh). The leather industry employs about 2.5 million people2 and has annual turn over of Rs. 25,000 crores (Damodaran & Mansingh). Engrained in the Culture The industry also goes beyond economics, it has become a part of Indian identity. Many who work in the industry, entrepreneurs and workers, feel that making leather is beyond making a living. It serves as the connection to their past and the only thing they have known to do. ...
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