Global News

[ad_1] New Delhi:  Revenue of the Indian leather apparel and accessories sector is expected to decline 7-8 percent during the financial year 2023-24 (April-March), attributable to a slowdown in consumer demand in Europe and the US, said Crisil Ratings. As much as 85-90 percent of the production by the Indian leather apparel and accessories industry is exported. Europe and North America account for 75 percent of this. According to the rating agency, the expected fall in revenue is seen despite benefits that may emanate from a depreciating rupee. The depreciating rupee typically helps the export-oriented industry in getting higher realisation. ( Also Read: 'Got laid off for the 3rd time in 4 months': IT employee writes heart-rending post after being fired from Google ) "Revenue is expected to be flattish in the current fiscal (2022-23), after the robust performance last fiscal, riding on strong demand-rebound, which had taken it beyond the pre-pandemic level,"