Minister Goyal Sets Footwear Export Target to $50 Billion by 2030 at IIFF 2024

Union Commerce Minister Piyush Goyal at the India International Footwear Fair 2024 has set a target for India's footwear exports to reach $50 billion by 2030. Currently at $2 billion, India's second-largest footwear manufacturing industry aims for major growth, leveraging FTAs and increased domestic support.

Union Commerce Minister Piyush Goyal, speaking at the India International Footwear Fair (IIFF) 2024 on Thursday, challenged footwear manufacturers to aim for a USD 50 billion export target by 2030. India's current footwear exports stand at USD 2 billion, despite being the world's second-largest manufacturer.

Goyal highlighted the sector's role in employment, noting that it creates over 40 lakh jobs, a figure he predicts could rise to 1 crore. Emphasizing the sector's potential, he urged manufacturers to embrace change and leverage the world market. The footwear industry’s contribution to GDP is around 2%, employing 40% women, with 90-95% of manufacturers being MSMEs.

Reiterating government support, Goyal encouraged the industry to utilize the Free Trade Agreements (FTAs) that India has signed. He also announced plans to establish a footwear council to bolster growth. Naushad, President of the Confederation of Indian Footwear Industries, welcomed this move, emphasizing the need for an ecosystem to support industry growth.

Goyal drew comparisons with India's toy industry, which saw significant growth and reduced imports due to policy interventions. He noted that Indian consumers now benefit from higher quality toys. The “Local for Vocal” initiative has led to a substantial decrease in toy imports from China, creating opportunities for domestic manufacturers.

Driven by the self-reliant India initiative and post-Covid policy shifts, many players have entered the toy manufacturing sector. The focus on quality, along with incentives and increased import duties on substandard goods, has fostered a favorable environment for growth in this previously underdeveloped space.