New Delhi, Oct 23
India’s leather and allied products industry is projected to experience a 10–12 per cent revenue decline in current fiscal following the United States' tariffs, a report said on Thursday, adding that free trade agreement (FTA) with the UK and GST cuts will provide some relief to leather exporters.
The leather and allied products industry is estimated to have logged a revenue of Rs 56,000 crore in FY25 and exports accounted for 70 per cent of the revenue.
“The recently signed Free Trade Agreement (FTA) with the United Kingdom, sustained demand from markets apart from the US, and efforts to penetrate other export destinations may help contain the fall in export revenue,” the statement said.
The marginal decline seen in raw and tanned leather prices will provide some relief to exporters, but not enough to offset the tariff impact, the agency noted.