Finance Minister Arun Jaitley’s 2018 budget’s focus is more rural-centric. When such a budget is presented it is hard to find critics, yet many are left wondering silently, how the humongous schemes will be funded? In the footwear sector, Mr. Jaitley’s budget, with strong emphasis on turning India a manufacturing hub, has fulfilled the much-awaited dreams of most. However, some, with custom duty hiked, are left disappointed and many have been compelled to look for alternatives. Just to present you a better picture, we have gathered elaborate views of some of the industry’s stalwarts.
“The industry is optimistic of the impact of 2018 budget in the long run. With the increase in import duty from 10% to 20% the domestic manufacturing sector will emerge more competitive and will in turn help build the job market.”-Anupam Bansal, Liberty Shoes
“The rate of the consumption went down and the growth was stagnant after demonetisation and implementation of GST. I believe that the budget could have been better for our industry, as in the current scenario it would be difficult to for the footwear sector to rebound sales and consumptions.”- Ishaan Sachdeva, Director, Alberto Torresi
“The Budget augurs well for the footwear industry by providing it benefits in line with Apparels. It must be recalled that the industry benefited from the GST provisions, as the cost structure came off and that results in direct savings to companies. The developments on the FDI policy also reflects the liberalising contour for the industry. I think the ball is now in the industry’s court to make the most of this.”- Rajesh Kadam l COO, Inc.5 Shoes
“A great move to boost “make in india” by increasing the import duty. FM may not have given any direct benefits to the industry, but several announcements made will have an indirect effect. In the long term, Rs. 2600 cr allocation to the leather and footwear industry will catapult well for job creation in the country.”- Kuldeep Singh, Director, San Frissco
“The increase in custom duty is going to have a huge impact on the footwear e-commerce industry as imported footwear forms the highest revenue generating category. However, it shall help emerging Indian footwear brands, like ours, to promote make in India as well as Make for India. There has been a decline in Export business so it’s a big opportunity for exporters to cater to the growing demand of footwear in India.”- Sunaina Harjai, Director Hats Off Accessories Private Limited