Rajesh Kumar Singh, secretary of the department for promotion of industry and internal trade (DPIIT), recently informed the media that the government might introduce the PLI scheme for footwear, toys, and next-generation bikes. A review meeting for the scheme with various stakeholders is scheduled for June 27, 2023.
At present, India's footwear exports are negligible compared to China's shipments, suggesting significant potential for growth in the market. According to Fibre2Fashion's market insight tool TexPro, India exported footwear worth $670.58 million in the first quarter of this year, slightly below the shipment of $699.46 million in the fourth quarter of the previous year. India's footwear export recorded a total of $3,022.902 million last year.
On the other hand, China's footwear export was valued at $13.192 billion in Q1, 2023, against $15.710 billion in Q4, 2022. In 2022, it exported footwear worth $62.22 billion.
The government has been promoting manufacturing activities in various sectors to position India as a global provider of sustainable and reliable supplies. If the government introduces the PLI scheme for the footwear sector, India's footwear exports could receive a significant boost.
ALCHEMPro News Desk (KUL)
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