India has the potential to become a “global champion” in leather and footwear exports by leveraging R&D and combining traditional craft with modern technology, Prime Minister Narendra Modi said on March 4.
Research and development (R&D), value addition and strategic market penetration can take the sector to a new height, he said, calling upon the broader industry to carve out opportunities arising out of changing global trade dynamics.
"We want stakeholders to identify new products that are in demand globally and which India can manufacture competitively. Then, we need to approach countries with a targeted strategy where there is scope for exports," Modi said while addressing a post-budget webinar on Regulatory, Investment, and Ease of Doing Business (EODB) Reforms theme.
Strengthen supply chain
Modi underscored the need for a resilient supply-chain, saying global economic stability is affected when supply is disrupted.
"The world needs high-quality products with reliable supply and India is capable of meeting this demand. This is a great opportunity for India," he said at the webinar organised by the department of financial services (DFS) under the finance ministry.
The Prime Minister said India must identify and seize opportunities in the evolving global order rather than remaining a passive observer.
He also pointed to the employment potential of labour-intensive sectors such as leather, footwear, and other manufacturing industries.
He highlighted the success of the Production-Linked Incentive (PLI) scheme, under which 14 sectors have attracted Rs 1.5 lakh crore in investments, leading to Rs 13 lakh crore worth of production and Rs 5 lakh crore in exports.
MSMEs credit accessibility
Discussing the role of micro, small and medium enterprises (MSMEs), Modi said their numbers have grown to over six crore, contributing significantly to employment generation.
Calling for easier access to credit, the PM said, "Every MSME should be able to avail low-cost and timely credit. Actionable solutions and implementation strategies should be finalised post-Budget."
He reiterated that India has been following a policy of financial discipline, transparency, and inclusive growth over the past decade. He called for opening new avenues in manufacturing and exports to strengthen India’s position in global trade.
Ease of doing business
Modi also talked about key regulatory and economic reforms ushered in by the government to enhance the ease of doing business.
"Over 40,000 compliances have been eliminated to improve business conditions, and income tax has been simplified," he said. To further streamline regulations, the government is working on the Jan Vishwas Bill 2.0.
Every country is looking to strengthen economic partnerships with India and the manufacturing sector should leverage these relationships.
"India gave momentum to global growth during Covid by accelerating reforms," he said. The policy push will further position the country as a leading manufacturing and export hub.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
