Leather and footwear exports received a major boost after Commerce and Industry Minister Piyush Goyal urged the industry to target at least $15 billion in exports over the next five to six years. He called on exporters to leverage new Free Trade Agreements (FTAs), diversify markets and strengthen quality, branding, sustainability and scale to achieve the ambitious goal.
Leather and Footwear Exports Can Reach $15 Billion
Addressing the Council for Leather Exports National Export Excellence Awards 2024-25, Piyush Goyal said the sector, which currently exports goods worth around $4-4.5 billion, has the potential for significant transformation.
“If I was in your shoes, or in your leather shoes, if I may say so, I would not aspire for anything less than a 3x outcome in the next five to seven years,” he said, adding that the industry should target $15 billion in exports.
The minister said the government has created favourable conditions for the sector to achieve faster export-led growth.
New FTAs Open Global Opportunities for Indian Exporters
Goyal said India now produces high-quality products backed by experienced artisans, skilled workers and industry leaders capable of competing globally.
He highlighted that recently concluded Free Trade Agreements (FTAs) are opening access to 38 developed countries, creating fresh opportunities for India’s leather and footwear sector.
The minister said the India-UK Free Trade Agreement will come into force on July 15.
Referring to the India-European Union Free Trade Agreement, he said discussions have progressed well, with both sides working to complete the legal review within the next 15-20 days.
He also announced that he would travel to Brussels, Spain, and Finland on July 14-15 along with a business delegation to promote Indian products and strengthen export partnerships.
The new trade agreements are expected to improve market access and enhance India’s competitiveness in global leather exports.
Piyush Goyal Calls for Export Market Diversification
The Commerce Minister noted that 77 per cent of India’s leather exports currently go to just 15 countries, underscoring the need for wider market diversification.
Apart from the newly opened markets, India already has FTAs with:
- ASEAN member countries
- Japan
- South Korea
This expands preferential market access to nearly 50 countries.
Diversifying export destinations will help reduce market concentration risks and create long-term growth opportunities for exporters.
Focus on Innovation, Quality and Value-Added Products
Piyush Goyal said the industry’s potential extends well beyond footwear to products such as:
- Bags
- Wallets
- Jackets
- Apparel
- Horse saddles
- Fashion accessories
He also urged exporters to invest in the best testing equipment and laboratories, including facilities accredited by BIS, NTA, universities and other recognised institutions.
Quoting Prime Minister Narendra Modi, the minister said:
“We can become a global champion in leather and footwear exports by leveraging research and development and our traditional craftsmanship with modern technology.”
The government believes innovation, sustainability and modern manufacturing will be key drivers of India’s next phase of export growth.
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