Commerce and Industry Minister Piyush Goyal has encouraged the leather and footwear industry to set a goal of achieving exports worth $15 billion over the next five to six years. He emphasized the need for a three-fold increase in export performance by utilizing new Free Trade Agreements, expanding market reach, and enhancing quality, design, branding, sustainability, and scale.
Speaking at the Council for Leather Exports National Export Excellence Awards for 2024-25, Goyal highlighted the sector’s current export value of around $4-4.5 billion and its potential for significant growth. He expressed confidence in the industry’s ability to surpass expectations and reach the $15 billion export target within the specified timeframe.
Goyal noted the favorable conditions facilitating the sector’s growth, including India’s high-quality products, skilled artisans, and the opportunities presented by recent FTAs with 38 developed countries. He mentioned upcoming trade agreements, such as the UK FTA coming into effect on July 15, and ongoing discussions with the European Union to enhance bilateral trade relations.
The Minister stressed the importance of diversifying export destinations, pointing out that a large portion of India’s leather exports currently concentrate in 15 countries. He urged for broader market diversification, highlighting the potential in expanding exports beyond footwear to products like bags, wallets, clothing, and accessories, emphasizing the versatility and wide-ranging applications of leather.
Goyal also emphasized the necessity of utilizing advanced testing equipment and laboratories to ensure product quality and compliance with international standards. He echoed Prime Minister Narendra Modi’s vision of leveraging research, traditional craftsmanship, and modern technology to position India as a global leader in leather and footwear exports.
