It can also attract new investments of Rs 10,000 crore and increase excise revenue by around Rs 400 crore per annum over the next four years, AIFMRA observed.
An Indian footwear trade body has requested finance minister Arun Jaitley to reduce the high excise duties imposed on non-leather footwear in the #
Currently, the Indian footwear industry employs 1.8 million people directly and 2.0 million people indirectly, which can go up to 3.2 million and 5.5 million, respectively by 2017 if a favourable tax regime is implemented.
Presently, China has 200 factories producing 20,000 pairs a day or 5 million pairs annually, while India has only 3 such factories.
China produces 60 per cent of world's footwear and India's production is 1/6th of China's and the high taxes have resulted in fall in manufacturing of footwear in India and it losing the competitive edge.
From being entirely domestically produced, import of footwear from these countries has grown by 300 per cent in last three years, according to the Export Import data available from Ministry of Commerce. (AR)
Fibre2fashion News Desk - India
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