Footwear industry may hit $90-bn mark by 2030
image for illustrative purpose
New Delhi: Market size of the Indian footwear industry can increase by over three times to $90 billion by 2030 provided a host of measures such as a ban on show imports, fiscal incentives, more design centres and Taiwanese contract manufacturers setting up shops in the country are taken, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that the Indian footwear market, valued at $26 billion, is projected to reach $90 billion by 2030.
"This growth will be characterized by two main changes - a significant increase in the demand for non-leather footwear (like sports shoes, running shoes, casual wear, and sneakers) in India, rising from 25 per cent to 75 per cent of the market share by 2030; and a shift in leather shoe production from small-scale, cottage industries to large corporates," it said.
Suggesting eight actions for the sector, the report said shoe-making technology is primitive compared to electronics or semiconductor manufacturing and India should support local production by domestic firms and MNCs and "stop imports" of finished shoes.
