Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ World https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ How the Indian crisis Covid-19 is hitting its economy

How the Indian crisis Covid-19 is hitting its economy



The Indian government closed the country last year to avoid an uncontrollable Covid-19 outbreak that so many countries in the world have endured. The plan was largely successful, but in the process crippled India’s economy.

India is now facing its own devastating Covid-19 crisis, and Prime Minister Narendra Modi is reluctant to push its economy into a new round of turmoil.

India’s economy may be crushed again, independently.

This is starting to develop in the leather industry in India.

India is a major global exporter of leather and leather products. The country is the second largest exporter of leather clothing and the fourth largest exporter of leather goods in the world, according to the Indian Council for Leather Exports (a division of the Ministry of Commerce and Industry of India). It is also a major footwear manufacturer after China, producing nearly 3 billion pairs of shoes a year.

Last year, the pandemic dealt a severe blow to the leather industry in India. Last year, leather exports fell 29.1

% year-on-year as the industry lost nearly $ 1.4 billion in exports. This is because buyers in the United States, the European Union and the United Kingdom have stopped buying during their own locks, according to Aqeel Panaruna, chairman of the Leather Export Council.

An industry expert, who did not want to be identified and is also infected with the coronavirus, said leather manufacturers suffered from a cumulative effect of prolonged shutdown last year. He worries that the deteriorating second wave could bring the industry back.

Much of this concern is fueled by the workforce dynamics in the industry.

“The majority of the workforce is between the ages of 18 and 45 and has not yet been vaccinated,” said Sanjay Liykha, vice president of CLE.

Read the full story below:

India does not want to stop its economy again.  It can be crushed anyway

Source link