Glass and leather industries from UP's Firozabad, Kanpur fear huge loss amid Israel-Hamas war

Uttar Pradesh’s two industrial districts Firrozabad and Kanpur are fearing significant setbacks due to ongoing war between Israel and Hamas as businessmen from both cities complaining about order worth millions have come to a standstill ever since the war broke out. Firozabad is known worldwide for its glass production. Industries here craft glass products on orders from foreign countries and ships them overseas. While Kanpur, a city known for its leather and leather product exports, is also grappling with the repercussions of the Israel-Hamas conflict. The war has disrupted their business, causing orders worth millions to come to a standstill. Consequently, local traders are incurring substantial financial losses, and foreign trade is suffering. Santosh Aggarwal, a prominent figure in the glass industry, emphasized that Firozabad produces various glass items, with a surge in orders, especially during festive seasons. These orders come from both India and abroad. Regrettably, the ongoing conflict between Israel and Palestine has taken a toll on foreign trade. Orders worth crores of rupees from foreign clients have been halted, leading to substantial losses within the glass industry. This has even affected the shipment of previously prepared orders, with an estimated loss of 10 to 15 thousand crores. These products are supplied not only within the country but also globally. As a considerable number of leather products find their way to Israel from Kanpur, the sudden disruption in global trade is causing severe concerns for Kanpur’s businesses. Many exporters have seen their goods stuck in transit, with payments delayed, and outstanding orders remain unfulfilled, amounting to approximately 4 to 500 crores in total. Yashveer Singh, a safety shoe manufacturer, shared his experience of shipments ready for Israel but stalled due to the conflict, leading to a considerable loss. This issue is not isolated to one exporter; many are grappling with unfulfilled orders and delayed payments, intensifying worries about significant financial losses, especially with the holiday season approaching. Alok Srivastava, Assistant Director of the Indian Export Organization of the Federation, stressed that the war between Israel and Hamas has exacerbated the export crisis to European countries. Many businessmen are dealing with stalled goods and unpaid invoices, causing significant anxiety. This situation also severely impacts business during the Christmas season, as there is a notable drop in market activity. Traders face around 400 crores in losses, and if the situation persists, these losses could escalate to a substantial degree in the future. (With inputs from local18)