Indian footwear market could triple in value by 2030: GTRI

 The Indian footwear industry has the potential to increase over threefold in value by 2030 to reach $90 billion if the appropriate measures are put into place to help the industry progress, according to economic think tank Global Trade Research Initiative.

“This growth will be characterised by two main changes- a significant increase in the demand for non-leather footwear (like sports shoes, running shoes, casual wear, and sneakers) in India, rising from 25% up to 75% of the market share by 2030; and a shift in leather shoe production from small-scale, cottage industries to large corporates,” said the Global Trade Research Initiative, the Press Trust of India reported. 
 
The GTRI valued the Indian footwear market at $26 billon currently and posited that eight main actions need to be undertaken to ensure that it achieves it potential growth. These include stopping imports of finished shoes and ameliorating technology. The GTRI also suggested introducing the government’s production-linked incentive scheme for inputs necessary in the manufacturing of premium footwear including glue, outsole moulds, and ethylene vinyl acetate granules among others, ET Bureau reported.  

“Today many brands sell make in China or Vietnam shoes in India,” said the GTRI. “Few others do part manufacturing in India and import the premium shoes. India should support firms to make shoes locally by removing policy and logistics impediments.”