India adopts a 'wait and watch policy'

Following the September 11 attacks on the US, experts are warning that the Indian leather industry could come to a standstill. M Rafeeque Ahmed, chairman, Footwear Panel, Council for Leather Exports and president of the All-India Hides and Skins Merchants Association (AISHTMA) has said that while the leather industry extended its condolences and shared the tragedy, he felt there would be an all-round impact on the Indian leather industry. The 92nd GDS International Shoe Fair in September fell victim not only because of less traffic but also the absence of buyers from America. The first buyer-seller meet organised by the Indian leather industry under the aegis of CLE in New York has also been indefinitely been postponed. While the crash of the rupee against the dollar has brought cheers as a 'blessing in disguise' for some, those who depend on imported hides and skins and allied materials are worried. The mood in the market is described as so dull that nobody is prepared to enter into any new contracts and that most are adopting a wait and watch policy.