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Indian footwear exports to witness two-fold growth
04
May '10
As the global economy witnesses recovery from the financial meltdown, overseas sales of footwear is likely to be more than two-fold times amounting to US $3.37 billion (about Rs 148.28 million) within the next two years.

The Indian footwear industry, which is among the leading footwear industries of the world, following China, shows ten percent growth every year, informed B D Bhaiya, President of Indian Footwear Components Manufacturers Association.

Country's footwear exports in the year 2008-09 stood at US $1.53 billion. The footwear export of the country accounts for more than 40 percent of the total exports of leather and leather products; various, international brands such as Nike, Addidas and Reebok source footwear from the US $5 billion domestic industry.

With the increase in per capita consumption of footwear in the country to two pairs from just 0.5 pairs, a decade ago, the current footwear production of India has increased to about 2.06 billion pairs.

Bhaiya expects that, the country will soon attain the topmost position in global footwear market with its quality and price competitiveness, as a number of companies have already started sourcing goods from India. US and EU are the major export destinations of India.

Moreover, a number of foreign companies are setting up production base in the country. With the establishment of manufacturing plants of companies such as Formas Kunz of Brazil, Feng Tay Enterprises of Taiwan and Apache Footwear of China, in India, a 100 percent foreign direct investment has been allowed to flow into the country for the footwear sector.

On May 7, a three-day Footwear, Materials, Manufacturing and Technology Fair will be inaugurated in Greater Noida, by India's footwear industry to attract global footwear industry entrepreneurs.

Fibre2Fashion News Desk - India

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