Indian Economy News

India has the potential to become a world leader in Footwear and leather: Mr. Piyush Goyal

While addressing the Council for Leather Exports National Export Excellence Award Function, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Mr. Piyush Goyal, stated that India has the potential to become a world leader in the footwear and leather sectors, with the efforts of both, government and the industry.

Mr. Piyush Goyal asked the organizers of the function to explore the possibility of encouraging new companies, entrepreneurs, and start-ups, by recognizing them with these awards. The minister expressed that higher exports than last year are being hoped in these sectors.

He asked the leather industry to grow through the free trade agreements (FTAs) being signed by the country, like with UAE, where exports witnessed a jump of 64% in November last year. Mr. Piyush Goyal requested the leather and footwear industry to aim for a significant increase over the next 25 years and draw a plan to achieve those goals and asked them to expand their horizons.

He said that the Indian Industry has huge potential, but more focus is required on packaging and branding as the quality of the products being manufactured is good.

The minister assured that the concerns about import duties on leather will be taken into consideration and further assured that the government is in full support of setting up testing facilities, and laboratories in the country to meet the needs of the industry. In addition to it, he said that a new scheme is being formulated to support the manufacturing of machinery required in the industry.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.