India would not wish to shut down its economic system once more. It might get crushed anyway
Now India is facing its own devastating Covid-19 crisis, and Prime Minister Narendra Modi is reluctant to put his economy through another round of turmoil.
India’s economy may get crushed again regardless.
That’s beginning to play out in India’s leather industry.
India is a major global exporter of leather and leather goods. The country is the second-largest exporter of leather garments and fourth-largest exporter of leather goods in the world, according to the Indian Council for Leather Exports (a division of India’s Ministry of Commerce & Industry). It is also a major producer of footwear after China, producing nearly three billion pairs of shoes annually.
Last year, the pandemic dealt a serious blow to India’s leather industry. Leather exports slumped a steep 29.1% last year over the prior year, as the industry lost almost $1.4 billion in exports. That’s because shoppers in the United States, European Union and United Kingdom held off on purchases during their own lockdowns,…
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