Exports from the sector currently stand at around US$4–4.5 billion; however, according to the authorities, the sector’s potential is significantly higher
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Photo source: DZarzycka / iStock
India’s leather and footwear industry is set to increase its exports to at least US$15 billion over the next five to six years, or sooner if conditions are favourable, according to the country’s Minister of Commerce and Industry, Piyush Goyal, as reported by IANS, a partner of TV BRICS.
According to the minister, the industry should aim to triple its exports by capitalising on free trade agreements, tapping into new markets and placing particular emphasis on product quality, design, branding, sustainable development and expanding production.
Goyal emphasised that India possesses all the necessary conditions for the sector’s development: skilled professionals, experienced manufacturers and competitive, high-quality products.
New free trade agreements, he said, are opening up access for Indian manufacturers to the markets of a further 38 countries. It is worth noting that India already has free trade agreements with ten countries of the Association of Southeast Asian Nations (ASEAN), providing preferential access to the markets of nearly 50 countries in total.
At present, however, 77 per cent of India’s leather goods exports are destined for just 15 countries. In this regard, Goyal urged manufacturers to expand the geographical reach of their supplies.
According to the minister, there is significant growth potential not only in the footwear sector but also in the production of bags, wallets, equestrian equipment, jackets, clothing and other leather goods.
Goyal also urged companies to make greater use of modern testing centres and laboratories to improve product quality.
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