Piyush Goyal Sets $50 Billion Footwear Export Target by 2030 at India International Footwear Fair 2024
New Delhi, August 8: Union Commerce Minister Piyush Goyal, speaking at the India International Footwear Fair (IIFF) 2024, urged footwear manufacturers to aim for a $50 billion export target by 2030. Currently, India’s footwear exports stand at $2 billion. India is the world’s second-largest footwear manufacturer, and Goyal emphasized the need to become the largest.
Goyal highlighted the sector’s potential to create jobs, stating, “Today you are creating more than 40 lakh jobs. My own sense is, this will go up to 1 crore jobs. You have the ability. We have the market. We have the world market to capture.” He encouraged the industry to embrace change and leverage India’s free trade agreements (FTAs) to make Indian brands global.
The footwear sector contributes nearly 2% to India’s GDP and employs 40% women, with 90-95% of manufacturers being MSMEs. Goyal assured the industry’s support from the government and announced the formation of a footwear council. Naushad, President of the Confederation of Indian Footwear Industries, welcomed this announcement, stating it would help the industry grow faster.
Goyal also discussed the success of India’s toy industry, noting significant growth in exports and a reduction in imports, particularly from China. He attributed this to government interventions and the Local for Vocal initiative, which has boosted domestic manufacturing and improved the quality of toys available to Indian consumers.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is a politician in India who is currently serving as the Union Commerce Minister. He is responsible for trade and commerce in the country.
Footwear Export Target -: A footwear export target is a goal set for the amount of shoes and other footwear that India aims to sell to other countries. The target set is $50 billion by the year 2030.
India International Footwear Fair 2024 -: This is an event where people from the footwear industry come together to showcase their products, discuss business, and set future goals. It will take place in 2024.
Union Commerce Minister -: The Union Commerce Minister is a government official in India who oversees trade and commerce activities. Currently, this position is held by Piyush Goyal.
Job Creation Potential -: Job creation potential means the ability to create new jobs for people. In this context, the footwear industry can provide many new jobs for Indians.
Free Trade Agreements -: Free trade agreements are deals between countries that make it easier to buy and sell goods without too many taxes or restrictions. These agreements help businesses trade more easily.
Footwear Council -: A footwear council is a group of experts and industry leaders who will work together to improve the footwear industry in India. They will help in making important decisions and strategies.
Toy Industry -: The toy industry involves the production and sale of toys. In India, this industry has grown a lot, with more toys being made in India and fewer being imported from other countries.
Government Interventions -: Government interventions are actions taken by the government to help or improve a particular industry. In this case, the Indian government has taken steps to support the toy industry, leading to its growth.
