Why in the news ?

• The leather industry has welcomed the Budget proposal to cut  the minimum period of employment.

More on news

• The new norms mandate 150 days as the minimum period of employment in the footwear and leather industry, as has been the case for the apparel sector. Earlier, it was 240 days.
• Union Finance Minister said in his Budget speech "The move is aimed at creating new employment opportunities."
• Vice chairman, Council for Leather Exports, said, “The extension of 25% reduced corporate tax to [firms]  having turnover of up to Rs 250 crore in FY17 will be immensely beneficial to the leather and footwear industry as about 90% of the industry is concentrated in the MSME segment.”

Source

The Hindu.