Commerce Minister Piyush Goyal on Monday called upon the leather and footwear industry to target at least USD 15 billion in exports over the next five to six years and aim for a three-fold increase in its export performance.
Addressing the Council for Leather Exports National Export Excellence Awards 2024-25 in New Delhi, Goyal said the sector, which currently exports goods worth around USD 4.5 billion, has the potential to achieve tremendous 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 could target USD 15 billion in exports.
The Minister said the government had created enabling conditions for the sector to achieve much bigger outcomes. He noted that India today has high-quality products, highly experienced artisans, cobblers and workers, and industry leaders with the experience and ability to think big, dream big and achieve big. He urged the industry to leverage the new free trade agreements, which help in diversifying markets and strengthening quality, design, branding, sustainability and scale.
Goyal said the FTAs had opened doors to 38 developed countries, creating significant new opportunities for leather and footwear exports. He announced that the India-UK FTA would come into force on July 15.
Referring to the India-European Union FTA, Goyal said he held a very good conversation with his EU counterpart in Brussels on Sunday and that both sides were working to complete the legal scrub within the next 15-20 days.
He added that he would meet his EU counterpart again on July 14 and 15 in Brussels and would travel with a business delegation to Brussels, Spain and Finland to promote Indian products and help domestic industries tap new markets.
Calling for diversification of export destinations, Goyal said 77 per cent of India’s leather exports currently go to only 15 countries. He urged exporters to diversify, noting that India now has FTAs with 38 developed countries, besides ASEAN, Japan and Korea, taking the number to 50 countries, he said.
Furthermore, the Minister highlighted the use of leather in upholstery, including furniture and high-end wall coverings, and said the industry catered to a vast range of products and price points, from around Rs 100-200 to USD 100 upholstery products. “The sky is the limit when it comes to the potential of your industry,” said Goyal.