Footwear Industry Pushes for Duty Exemptions Amid West Asia Crisis
The leather and footwear industry is urging the government for import duty exemptions on several critical inputs due to a significant increase in input costs caused by the West Asia crisis. They've also proposed the early implementation of the FLOAT scheme to enhance domestic production and boost exports.
The leather and footwear industry has urgently requested duty exemptions on key inputs like synthetic leather, metal accessories, and machinery. The call comes after the West Asia crisis spiked input costs by up to 60%.
Industry representatives highlighted these concerns to the commerce and industry ministry, advocating for the early rollout of the proposed FOOTWEAR and leather oriented transformation (FLOAT) scheme. They also pushed for duty-free imports of crust and finished leathers to stimulate domestic manufacturing.
The crisis, marked by the closure of the Strait of Hormuz by Iran, has disrupted the supply chain, significantly affecting raw material costs. As exports of leather products dropped, industry leaders are hopeful that support for non-leather goods will enhance overall export figures.
(With inputs from agencies.)
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