New Delhi: India’s leather and allied products industry is projected to experience a 10–12 per cent revenue decline in current fiscal following the United States’ tariffs, a report said on Thursday, adding that free trade agreement (FTA) with the UK and GST cuts will provide some relief to leather exporters.

The revenue drop would be despite a moderate improvement in domestic demand following the rationalisation of GST besides other favourable macro-economic factors such as lower income taxes, benign inflation, and low interest rates, according to the report from ratings agency CRISIL Ratings.

The agency also indicated a potential 150–200 basis-point impact on operating margins and a deterioration in credit profiles.

The leather and allied products industry is estimated to have logged

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