India has a golden opportunity to become a global powerhouse in leather and footwear exports by combining its rich traditional craftsmanship with cutting-edge technology and research & development (R&D), said Prime Minister Narendra Modi on March 4.
Speaking at a post-budget webinar focused on Regulatory, Investment, and Ease of Doing Business (EODB) Reforms, he emphasized the importance of value addition and strategic market expansion to elevate the sector to new heights.
Modi urged industry stakeholders to analyze global demand trends and identify products that India can manufacture competitively. He stressed the need for a targeted approach to key markets, ensuring Indian leather and footwear products reach the right international buyers.
“We must proactively explore new export markets instead of waiting for opportunities. India’s potential in leather and footwear manufacturing is immense, and we need to take strategic steps to enhance our global presence”
Prime Minister Narendra Modi
The Prime Minister highlighted the significance of a resilient and robust supply chain, stating that global economic stability suffers when supply disruptions occur.
India, with its vast resources and skilled workforce, has the capability to provide high-quality products with a reliable supply chain, making it a preferred destination for global buyers.
At the webinar, organized by the Department of Financial Services (DFS) under the Ministry of Finance, Modi called on industry leaders to seize emerging opportunities and actively shape India’s role in the evolving global economy.
Leather and footwear manufacturing are among India’s most labor-intensive industries, with tremendous employment potential. Modi emphasized that boosting this sector would create millions of jobs, particularly in rural and semi-urban areas, and strengthen India’s position as a global manufacturing hub.
He cited the success of the Production-Linked Incentive (PLI) scheme, which has attracted Rs 1.5 lakh crore in investments across 14 key sectors, resulting in Rs 13 lakh crore worth of production and Rs 5 lakh crore in exports.
A crucial factor in the growth of India’s leather and footwear industry is support for micro, small, and medium enterprises (MSMEs). Modi pointed out that India now has over six crore MSMEs, playing a significant role in employment generation and exports.
He stressed the importance of affordable and timely credit for MSMEs to help them expand production, improve quality, and meet global demand.
“Every MSME should have access to low-cost financing without delays. Post-Budget, actionable solutions must be finalized to ensure seamless implementation”
Prime Minister Narendra Modi
Over the last decade, India has followed a policy of financial discipline, transparency, and inclusive growth, creating a strong foundation for industrial expansion.
With countries around the world seeking stronger economic ties with India, Modi urged the leather and footwear industry to capitalize on these relationships and strengthen India’s manufacturing and export ecosystem.
“During the pandemic, India accelerated reforms, giving momentum to global economic recovery. With the right policies and industry participation, India can become a leading manufacturing and export hub,” he concluded.
Prime Minister Narendra Modi