Indian Footwear Industry eyes $90 bn market by 2030 with strategic measures: Report

  • Industry News
  • Jan 08,24
The current valuation of the Indian footwear market stands at $26 billion, and the GTRI anticipates it reaching $90 billion by 2030.
Indian Footwear Industry eyes $90 bn market by 2030 with strategic measures: Report

A report released by the Global Trade Research Initiative (GTRI), an economic think tank, indicates that the Indian footwear industry's market size has the potential to surge more than threefold to $90 billion by 2030. This growth projection is contingent upon the implementation of several measures, including a ban on shoe imports, fiscal incentives, the establishment of more design centres, and the presence of Taiwanese contract manufacturers in the country.

The current valuation of the Indian footwear market stands at $26 billion, and the GTRI anticipates it reaching $90 billion by 2030. The report outlines two significant shifts contributing to this expansion: a substantial increase in the demand for non-leather footwear, such as sports shoes, running shoes, casual wear, and sneakers, which is expected to rise from 25% to 75% of the market share by 2030. Additionally, there is predicted to be a transition in leather shoe production from small-scale cottage industries to large corporates.

To foster the growth of the sector, the report recommends eight actions. It highlights the primitive state of shoe-making technology compared to electronics or semiconductor manufacturing and suggests supporting local production by domestic firms and multinational corporations (MNCs) while discouraging imports of finished shoes. The report emphasises the need to eliminate policy and logistics impediments to encourage local shoe production.

Furthermore, the report advocates for the introduction of a production-linked incentive (PLI) scheme for inputs essential in manufacturing premium shoes. Key components such as outsole moulds, glue, ethylene vinyl acetate (EVA) granules, and thermoplastic polyurethane (TPU) films are not produced locally, leading to a 30-40% increase in production costs when imported. The report contends that by addressing these challenges, India can reduce its reliance on imported premium shoes from countries like China and Vietnam.

Source: Business Standard

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