The footwear industry is one of the essential yet underrated sectors in India. While the pandemic affected its working, the government’s initiative of vocal for local gave the requisite push to the industry. Experts believe that to boost the sector, the imports can be reduced and the increasing demand can be met with the local manufacturing.
As per Invest India’s reports, India presently stands as the second-largest producer of footwear after China and accounts for 13% of the global footwear industry. 95% of the country’s production goes to meet the increasing domestic demand of the consumers. Despite this scenario, India depends heavily on the import of raw material for shoe production.
However, there is an increased need for innovations in the sector and to boost local production. Along with the government policies, supporting the export of footwear will also help give the sector the required growth.
As per Research and Markets report, the Indian footwear industry is expected to exhibit a significant growth at a CAGR of 8.28% from 2020-2025. This depicts that the future for the industry is bright and it will continue to proliferate. The growth of the industry is dependent on various factors. Some of the major ones are
• The initiation of premiumization
• Consumer preference shifting to branded footwear
• Increase in literacy rates
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