Footwear Sector Soars with New Government Scheme

Stocks in the footwear and leather sectors rose after Finance Minister Nirmala Sitharaman's announcement of a new scheme. The plan aims to boost productivity, quality, and competitiveness while generating employment and exports. Companies like Mirza International and Campus Activewear saw significant stock increases.

The footwear and leather sectors experienced a surge in stock prices following Finance Minister Nirmala Sitharaman's announcement of a targeted scheme for these industries.

Mirza International led the charge with a 19.98% increase, reaching the BSE's upper circuit limit. Similarly, Campus Activewear stocks jumped 7.26%, Bata India rose by 6.39%, while Metro Brands, Lehar Footwears, and Relaxo Footwears also saw notable gains.

The government's focused product scheme seeks to enhance the sectors' productivity, quality, and competitiveness, potentially creating 22 lakh jobs, generating Rs 4 lakh crore in turnover, and fostering exports exceeding Rs 1.1 lakh crore. To boost leather exports, a full customs duty exemption on wet blue leather was announced, aiming to achieve USD 6 billion in exports this fiscal year.