Slowdown in advanced economics making Indian footwear, textile exports vulnerable: CRISIL

New Delhi, Feb 15 (KNN) Rating agency Crisil said that the slowdown in the advanced economies, especially the US and the European Union (EU) , is expected to make India's footwear and leather products export trade vulnerable.

The report titled ‘'The Slowdown Shadow' highlighted that the Domestic labour-intensive sectors such as textiles, footwear, and leather depend significantly on these two regions, making them particularly vulnerable to a slowdown in these economies.

CRISIL pointed out that the forecast of a global slowdown is worrisome because India's growth cycles have become highly synchronised with those of advanced economies over the years.

"The most important and direct impact of this will be reduced demand for Indian goods abroad,” it said.

As per reports, the US and EU are two of India's largest export destinations, accounting for 18 per cent and 15.4 per cent, respectively, of the country's merchandise exports in fiscal 2022.  (KNN Bureau)