Footwear component making to play key role to meet industry target of $26 billion by 2030
The Hindu
Indian footwear sector aims for $26 billion market by 2030, focusing on self-sufficiency, innovation, and quality under government support.
The Indian footwear sector, under the tutelage of the Union Commerce Ministry, is focusing on developing components and deploying technology to achieve excellence and self sufficiency in shoe manufacturing in order to achieve a targeted market size of $26 billion including exports of $8 billion by 2030, a top industry official said.
Currently, the footwear both leather and non-leather, market size is estimated at $18 billion including $6 billion in exports.
“The 32 components that go into making of a shoe play a vital role to achieve this target. All these components need to be manufactured in India and with the help of the government, it has been taken up in a big way,” said Sanjay Gupta, President, Indian Footwear Components Manufacturers Association (IFCOMA) on the sidelines of ShoeTech 2024 exhibition in Mumbai.
“The Indian footwear component industry is also making significant strides as per the directive of the Prime Minister and Ministry of Commerce and Industry. By 2028 the component sector has to achieve the target of catering to 50% of the total domestic footwear production,” Mr. Gupta said.
“There is a target to develop 10,000 new component suppliers in the micro/small category in the years to come and enhance the role of R&D and innovation in footwear components,” he said.
He said the government’s initiatives, such as the Production Linked Incentive (PLI) scheme and the set targets are creating opportunities for MSMEs, and enhancing skill development.
To ensure Indian companies manufacture high quality products, BIS which has been implemented will be applicable on all shoes from April 2025 onwards. Besides India has gone for its own standard in sizes of shoes rather than following the UK or the US sizes. Shoes in Indian sizes will be available from April 2025, Mr Gupta said.
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