Draft PLI scheme for footwear enters stakeholders review stage

New Delhi, June 16 (KNN) India will soon announce the Production-Linked Incentive (PLI) scheme for the footwear sector as a review meeting for the scheme with various stakeholders is scheduled for June 27, 2023. 

The government is considering extending this benefit to three more sectors, including footwear and toys.

Presently, this scheme, designed to promote manufacturing and value addition, is available for 14 different sectors in the country. 

Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), recently informed the media that the government might introduce the PLI scheme for footwear, toys, and next-generation bikes.

In comparison to China, India’s footwear exports are negligible, which makes it a potential market for growth.

According to Fibre2Fashion's market insight tool TexPro, India exported footwear worth USD 670.58 million in the first quarter of this year, slightly below the shipment of USD 699.46 million in the fourth quarter of the previous year. India's footwear export recorded a total of USD 3,022.902 million last year. 

On the other hand, China's footwear export was valued at USD 13.192 billion in Q1, 2023, against USD 15.710 billion in Q4, 2022. In 2022, it exported footwear worth USD 62.22 billion.  (KNN Bureau)