(MENAFN- KNN India)
New Delhi, Dec 23 (KNN) India's leather and footwear industry is poised for significant growth, with exports expected to increase by over 12 per cent to reach USD 5.3 billion in the current financial year.
Rajendra Kumar Jalan, Chairman of the Council for Leather Exports (CLE), highlighted strong global demand as the primary driver behind this growth.
In 2023-24, exports amounted to USD 4.69 billion, and Jalan is optimistic about surpassing this figure with healthy order books in the months ahead, particularly from the US and UK markets.
"The demand from the US and UK is robust, and we are also exploring new business opportunities in Africa," Jalan stated. As one of the most labor-intensive industries, the leather sector currently employs approximately 42 lakh people. It generates a total turnover of USD 19 billion, with exports accounting for USD 5 billion.
Jalan envisions the industry reaching a total turnover of USD 47 billion by 2030, which would include domestic production of USD 25 billion and exports of USD 13.7 billion.
To support this ambitious target, Jalan has urged the government to extend the Production-Linked Incentive (PLI) scheme to the leather sector. This, he believes, will help boost exports and create an additional 7-8 lakh jobs.
He also called for the removal of export duties on wet blue and crust leather, which are currently taxed at 20 per cent, as well as the import duty on finished leather.
Echoing these sentiments, Yadvendra Singh Sachan, Managing Director of Growmore International Ltd, emphasised that the US and EU markets are witnessing strong growth for Indian leather products.
He encouraged domestic industry players to scale up production and focus on branding Indian leather goods globally.
However, he pointed out that challenges remain, particularly in terms of developing skilled labor and investing in design innovation.
The Indian leather sector's expansion offers a promising outlook, with significant opportunities for growth in both domestic and international markets.
(KNN Bureau)
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