8 Nov 2022
Ready to dethrone China as the leading shoemaker, India has launched a Development Program with the aim of multiplying its exports tenfold. The project will run until 2026 and has a budget of €211 million.
The Indian Minister of Commerce and Industry, Piyush Goyal, announced that, according to forecasts, footwear exports will multiply tenfold in the coming years. The Footwear and Leather Development Program, effective from 2021, will invest to turn the country into “the world’s shoe factory.”
The footwear and textile industry are two of the pillars with which India plans to strengthen its presence in international markets and take first place from China. The footwear program will be in force until 2026 and seeks to promote employment and investment in the sector. With the aim of winning over Western markets that put certain conditions on imports, the Indian authorities want their industry to apply more ethical work practices and produce sustainable footwear.
The initiative includes credits guaranteed by the State, tax benefits and laws that benefit exporters. With this plan, the country seeks to be considered a viable and safe supplier to establish itself as an alternative to Chinese footwear. The program will run in parallel with an investment plan of 1.4 billion euros to improve the country’s production infrastructure.