India’s leather and footwear industry is set to increase its exports to at least US$15 billion over the next five to six years, or sooner if conditions are favourable, according to the country’s Minister of Commerce and Industry, Piyush Goyal, TV BRICS reports.
According to the minister, the industry should aim to triple its exports by capitalising on free trade agreements, tapping into new markets and placing particular emphasis on product quality, design, branding, sustainable development and expanding production. Goyal emphasised that India possesses all the necessary conditions for the sector’s development: skilled professionals, experienced manufacturers and competitive, high-quality products.
At present, however, 77 per cent of India’s leather goods exports are destined for just 15 countries. In this regard, Goyal urged manufacturers to expand the geographical reach of their supplies. According to the minister, there is significant growth potential not only in the footwear sector but also in the production of bags, wallets, equestrian equipment, jackets, clothing and other leather goods.
Goyal also urged companies to make greater use of modern testing centres and laboratories to improve product quality. Earlier, it was reported that Kazakhstan and India intended to expand pharmaceutical cooperation.