With signs of recovery in the world economy and the recessionary trends showing signs of abating, India's footwear industry on Thursday expressed confidence that exports are likely to more than double to $3.37 billion (about Rs. 14,828 crore) during the next two years over 2008-09.
The footwear industry, the second-largest in the world after China, is growing at a rate of about 10 per cent annually, Indian Footwear Components Manufacturers Association President B. D. Bhaiya told reporters here.
The industry is organising India's international trade event for footwear manufacturing, components, leather and materials at Greater Noida from May 7 to 9.
Mr. Bhaiya said apart from growth in the domestic sector, the industry had also set a target of $3.37 billion in exports of footwear alone by 2013-14.
In 2008-09, footwear exports stood at $1.53 billion. Of the total exports of leather and leather products, the segment contributes over 40 per cent.
Per capita consumption
Several international brands such as Nike, Addidas and Reebok source footwear from the $5-billion domestic industry. India at present produces about 2.06 billion pairs of shoes in different categories.
Per capita consumption of footwear in the country has also increased to two pairs from a mere 0.5 pairs a decade ago.
“With the quality and price competitiveness that has been proved, I am confident that India will fast become a major player in the global footwear market as more and more companies are shifting their sourcing needs as well as production bases towards us, Mr. Bhaiya said.
The country's major export markets are the U.S. and Europe. India allows 100 per cent foreign direct investment in the sector. Companies such as Formas Kunz (Brazil), Feng Tay Enterprises (Taiwan) and Apache Footwear (China) have set production bases in India, he said.
