Boosting India's Leather & Footwear Industry: A New Focused Product Scheme

The Indian government introduced a scheme for the footwear and leather sectors to bolster quality and competitiveness. It aims to support design, component manufacturing, and machinery, potentially generating employment for 22 lakh people and boosting exports and domestic production significantly.

The government on Saturday unveiled an ambitious scheme targeting enhancement of productivity and quality in the footwear and leather sectors. The initiative, revealed by Finance Minister Nirmala Sitharaman, focuses on design capacity, component manufacturing, and necessary machinery for producing high-quality non-leather footwear.

This new scheme is anticipated to generate employment for approximately 22 lakh individuals, while driving a substantial turnover of Rs 4 lakh crore and exports surpassing Rs 1.1 lakh crore. The initiative underscores the growing potential of India's leather and footwear industries, with optimistic projections for reaching a total industry turnover of USD 47 billion by 2030.

In addition to boosting production, the Finance Minister announced a full customs duty exemption on wet blue leather to stimulate leather exports. Industry insights suggest the sector employs around 42 lakh people and holds a current turnover at USD 19 billion. Experts predict a rapid rise in exports and domestic production, propelled by supportive government measures.

(With inputs from agencies.)