Piyush Goyal asks leather industry to attain $50 billion exports by 2030

India's Commerce Ministry has set an ambitious target of USD 50 billion in leather and footwear exports by 2030. Commerce and Industry Minister Piyush Goyal, addressing the India International Footwear Fair (IIFF) 2024 held from August 8-10 at Bharat Mandapam in New Delhi, asked the industry to aim for this milestone. "I recommend setting a target of USD 50 billion in exports by 2030," Goyal stated. He urged the industry to leverage India's various free trade agreements, including those with Australia and the UAE, and focus on producing world-class products to penetrate global markets.

Underlining the importance of adhering to quality control norms, Goyal said that this would reduce imports of sub-standard goods. “High-quality manufacturing is the only way to become a world-class player,” he insisted. Currently, India’s leather and footwear exports are valued at approximately USD 5 billion.

Expressing his vision for India to become the world’s largest manufacturer in the leather and footwear sector, Goyal said, “We must move from being the second-largest to the largest. It is unacceptable that India is only the ninth-largest global exporter in this sector.”

As regards the compliance with quality control orders (QCO), Goyal stated that sufficient time has been provided for the industry to comply with QCO, with additional leniency extended for fashion footwear makers and legacy stocks. He urged the industry to collaborate with the government on the QCO implementation, stressing its potential to dominate global markets.

On a positive note, Goyal noted that the leather sector currently generates over 4 million jobs and projected that this number could easily reach 10 million. Clarifying that exports are exempt from QCO regulations, he encouraged the industry to capture international markets boldly. He also urged stakeholders to establish a strong Indian brand with exceptional designs.

Underling that India's footwear industry has immense potential to grow, Goyal said that for this industry adopting modern manufacturing techniques and sustainable practices are the key to achieving global leadership. The Union Minister assured the industry of the government’s commitment to supporting its expansion. He also sought innovative ideas and suggestions from stakeholders. Meanwhile, the Union Commerce and Industry Ministry has proposed a production-linked incentive scheme worth Rs 2,600 crore for the leather and footwear sector, aimed at boosting growth and competitiveness.