Announced at the 8th India International Footwear Fair, these measures are expected to bolster the quality standards of Indian-manufactured footwear, positioning the country as a global leader in the industry.

Goyal highlighted the significant potential of the leather and footwear sector, which currently employs 40 lakh individuals, with the capacity to increase this to 1 crore jobs. He emphasised the importance of embracing quality and innovation to capture a larger share of the global market, noting that India is well on its way to becoming the world's largest manufacturer of footwear.

To support retailers, the QCO guidelines have been liberalised, allowing a two-year period for the disposal of existing stock after the order's implementation on August 1, 2024. Additionally, fashion footwear manufacturers producing up to 72,000 pairs annually are exempt from these orders, ensuring flexibility for smaller businesses, the Ministry of Commerce & Industry said in a press release.

With India currently ranked as the second-largest manufacturer and ninth-largest exporter of footwear, Goyal expressed confidence in achieving a target of $50 billion in exports by 2030. He also urged the industry to take advantage of Free Trade Agreements (FTAs), particularly with ASEAN and European nations, to enhance the global presence of Indian brands.

Fibre2Fashion News Desk (KD)