India launches IFLADP to drive growth of synthetic leather market

The Government of India recently launched the “Indian Footwear, Leather and Accessories Development Programme (IFLADP)” with a budget of ₹2,600 crore (US$ 390 Billion). Through this programme, the government provides financial support for the modernization of production units and implements strategies for human resource development.

The government is also monitoring the status of Common Effluent Treatment Plants (CETPs). These initiatives, alongside 100% Foreign Direct Investment (FDI) policies, are expected to drive the growth of the synthetic leather market.

Synthetic leathers are increasingly utilized in the automotive domain for manufacturing car seats. Manufacturers are switching to synthetic leather due to its low cost, high durability, and wear resistance. Consequently, the rise in automotive sales is anticipated to be a critical factor for market growth over the forecast period.

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