India’s leather sector revenue expected to drop 7-8% in 2023-24
Revenue for the Indian leather apparel and accessories sector is expected to drop 7-8 percent during fiscal 2023-24 (April-March), according to Crisil Ratings. The drop will be due to slow consumer demand in Europe and the US, despite a depreciating rupee.
Indian leather apparel and accessories exports account for 85-90 percent of sector production, and 75 percent of this goes to Europe and the US.
“Revenue is expected to be flattish in the current fiscal year (2022-23), after the robust performance last fiscal, riding on strong demand-rebound, which had taken it beyond the pre-pandemic level,” a Crisil Ratings report said.
According to CRISIL Ratings Director Rahul Guha, demand for discretionary goods in key export markets
