Indian Footwear Industry Eyes $90 Billion Market by 2030: GTRI Report

New Delhi, Jan 8 (KNN) The Indian Footwear industry, currently valued at USD 26 billion, is projected to see significant changes to grow threefold to USD 90 billion by 2030 with strategic measures, says a report by the Global Trade Research Initiative.

The demand for non-leather footwear is expected to rise from 25 per cent to 75 per cent by 2030, and there will be a shift in leather shoe production from small-scale to large corporates.

The report suggests eight actions, emphasising the need to upgrade shoe-making technology, support local production, and discourage imports of finished shoes.

Recommendations include introducing a production-linked incentive (PLI) scheme for essential inputs, imposing customs duties on footwear imports, and setting minimum import prices.

The report also emphasises the dominance of Taiwanese contract manufacturers and urges India to attract more of them for global brand operations, suggesting potential hubs in states like Uttar Pradesh and Haryana.

Currently the second-largest global producer, India accounts for 13 per cent of global footwear production and is the 9th largest global exporter.

The report highlights the dominance of leather footwear, constituting 81.7 per cent of India's footwear exports, with a majority going to quality-conscious markets in the EU and the USA.

(KNN Bureau)