Commerce ministry considering introducing import monitoring system for leather sector
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The commerce ministry is considering introducing an import monitoring system for the leather sector, under which a trader will have to provide advance information about the imports and obtain a registration number. Talks are at an early stage on the issue at present.
Normally under the system, importers are required to submit advance information in an online system for imports of items and obtain an automatic registration number by paying a certain amount of registration fee. Earlier, the government introduced similar system for sectors like coal and steel. The ministry is also considering extending some initiatives such as the production-linked incentive scheme to the leather and footwear sector to further promote the growth of this labour-intensive segment.
Imports of leather and leather products dipped by 26.32 per cent to $61.62 million. During 2022-23, these imports have recorded a growth of 25.62 per cent to $1.02 billion as against $819 million in 2021-22.
