India to require 5 billion pairs of shoes by 2020
11/08/2016
The projection follows on from the words of Naresh Bhasin, chairman for the western region of India’s Council for Leather Exports (CLE), who said in February at the nineteenth UITIC Congress that the country would be able to double its footwear consumption if men bought one extra pair of shoes per year and women bought two more.
Growth in India’s GDP could see his prediction exceeded and meet the government’s estimation. The International Monetary Fund estimates that GDP in the country will increase by 7.4% during both the current and next financial years. Ratings agency S&P forecast 8% growth in both periods.
The IIFF was organised by the Indian Trade Promotion Organisation and the Confederation of Indian Footwear Industries and was inaugurated by finance minister Arun Jaitley. It saw the attendance of 263 companies, 103 of which were from oversees.
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