The Central government is preparing a $1 billion package for the footwear manufacturing industry as the sector seeks incentives to battle 50 percent tariffs imposed by the US, a report by the Times of India said on January 20.
The department for promotion of industry and internal trade was planning to propose a production-linked incentive scheme, the paper said. However, the plan was later shelved and the government presented a detailed package that sought to address the entire key chain, the report said.
The officials, cited by TOI, said the package has not been finalized yet, but the discussions are at an advanced stage.
As of today, India is the second largest footwear producer in the world, the paper said. The country used to be a major player in the leather footwear segment before sports and athleisure shoes became the dominant category, where China and Vietnam took the lead.
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