New Delhi, April 21 (IANS) India’s leather and non-leather footwear exports have seen a significant rise of nearly 25 per cent in the 2024-25 financial year (FY25), reaching $5.7 billion, a new report said on Monday.
The industry is expected to surpass the $6.5 billion mark in the current fiscal year (FY26), according to the Council for Leather Exports (CLE).
The CLE, which represents footwear exporters, mentioned that demand from both developed and developing countries remains strong, contributing to the impressive growth.
R Selvam, the Executive Director of CLE, shared that India exceeded its export target by $1 billion for 2024-25, a goal set by the Department of Commerce.
“In 2024-25, we have exceeded the exports target by $1 billion set up by the department of commerce and going by this trend, our exports will cross $6.5 billion dollar in 2025-26,” Selvam mentioned.
Rajendra Kumar Jalan, the Chairman of CLE, also highlighted that exports are performing well in key markets such as the United States and the United Kingdom.
Despite a 10 per cent tariff hike, exporters have been offering discounts to maintain their business relationships, and there have been no order cancellations.
Jalan also noted that the situation has returned to normal by mid-April, and suggested a ‘zero-for-zero’ duty proposal to the Indian government in the ongoing bilateral trade discussions with the US.
“From April 14-15, the situation is normal. We have suggested ‘zero-for-zero’ duty to the government in the proposed bilateral trade agreement with the US,” he stated.
The footwear industry is labour-intensive, providing employment to approximately 42 lakh people. With an overall turnover of 19 billion dollar, the sector includes $5 billion in exports.
The industry is optimistic about its future and projects a total turnover of $39 billion by 2030, with $25 billion in domestic production and $13.7 billion in exports, the report said.
Additionally, there is growing interest from Chinese investors looking to collaborate with Indian footwear manufacturers to set up production units in India, further boosting the sector’s potential for growth, the report added.
–IANS
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