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India’s leather and footwear exports are expected to cross ₹44,800 crore ($6 billion) in fiscal 2022-23 due to rising demand in the United States and new markets like the Middle East, Africa and Latin America, according to Council of Leather Exports (CLE) chairman Sanjay Leekha, who recently said the implementation of the India-UAE Free Trade Agreement would also help the trend.
Such exports rose by 33 per cent to $3.6 billion during April-January this fiscal. The exports stood at $3.3 billion in 2020-21 and $4.7 billion in 2019-20.
Leekha said the order books are healthy and the industry is upbeat about recovery from the impact of the COVID-19 pandemic.
India’s leather and footwear exports are likely to cross ₹44,800 crore ($6 billion) in fiscal 2022-23 due to rising demand in the US and new markets like the Middle East, Africa and Latin America, according to Council of Leather Exports chairman Sanjay Leekha, who said the implementation of the India-UAE Free Trade Agreement would also help the trend.
“The sector has the potential to reach a total turnover of $30 billion in next five years, which includes the domestic turnover of $20 billion and export turnover of $10 billion and generate additional employment for 15 lakh more people,” he was quoted as saying by a news agency.
The industry is also urging the government to extend the production-linked incentive (PLI) scheme to the sector.
The government recently approved the Indian Footwear and Leather Development Programme (IFLDP) for continuation from 2021-22 with an approved financial outlay of ₹1,700 crore.
Fibre2Fashion News Desk (DS)
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