India's Leather and Footwear Industry Poised for Massive Growth: Piyush Goyal

ENA Sectors 2024-08-09 16:05:50 New Delhi, Aug 9 (KNN) In a significant announcement, Union Minister of Commerce & Industry Piyush Goyal has projected a bright future for India's leather and footwear industry. Speaking at the inauguration of the 8th India International Footwear Fair in Delhi on Thursday, Goyal outlined ambitious plans to more than double employment in the sector from the current 4 million to 10 million workers. Goyal emphasised the industry's potential for expansion both domestically and internationally. We have the world market to capture. We need self-confidence, open mind to accept change, he stated, highlighting the need for innovation and adaptability. The minister also addressed the implementation of Quality Control Orders (QCOs), asserting that these measures would protect the Indian footwear industry from unfair competition by preventing the import of substandard, low-cost leather products. Goyal believes that QCOs will foster a culture of quality among domestic manufacturers, positioning India as a world-class producer of high-quality footwear. In a move to ease the transition, Goyal announced that retailers would be given a two-year grace period to dispose of existing footwear stock after the application of QCOs. He also noted that fashion footwear production up to 72,000 pairs would be exempt from these orders. Currently, India ranks as the world's second-largest manufacturer and ninth-largest exporter of footwear. Goyal expressed confidence in the country's ability to become the global market leader, setting an ambitious export target of USD 50 billion by 2030. The minister urged the industry to take advantage of Free Trade Agreements, particularly with ASEAN and European countries, to establish Indian brands on the global stage. He also clarified that while QCOs do not apply to exports, exporters must meet the quality standards set by their international clients. In a nod to small businesses, Goyal confirmed that micro and small units under the MSME category would continue to be exempt from QCOs. As India's leather and footwear industry stands on the brink of potentially transformative growth, Minister Goyal's announcements signal a strong government commitment to supporting and elevating the sector on the world stage. (KNN Bureau) 38917 https://knnindia.co.in/news/newsdetails/sectors/indias-leather-and-footwear-industry-poised-for-massive-growth-piyush-goyal 2024-08-09 16:05:50 knnindia.co.in India's Leather and Footwear Industry Poised for Massive Growth: Piyush Goyal