Indian Industry has huge untapped potential: Piyush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said India has the potential to become a world leader in Footwear and leather sector with the efforts of both government and industry. Goyal asked the organisers to explore the possibility of encouraging new companies, entrepreneurs, startups and those who come up with innovative ideas, enter into uncharted territory with newer markets and products, by recognizing them through these awards. He suggested some niche award segments can be created for recognizing their contribution- such as rewarding those who make effective use of FTAs etc.

The Minister said as we celebrate Azadi Ka Amrit Mahotsav, we hope to achieve higher exports than last year - both in goods and services. He said while most of the developed world, who are large consumers of leather products, are going through inflation and subdued consumer spending, he was happy to get reassurance from Leather sector that it would see higher growth compared to last year. Goyal asked the leather industry to utilize the FTAs being signed by India with various countries to grow. He cited the example of UAE, where exports in the sector registered a jump of 64 percent in November last year as a result of the new agreement. The Minister emphasised that Indian Industry has huge untapped potential. He noted that while the Quality of Products manufactured is good, more focus is required on packaging and branding to get better value for the product. Indian Mission across the world can help in providing support in terms of outreach and can help connect them with international companies engaged in branding business.

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