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The Impact of Budget 2023 on the Footwear Industry

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February 12, 2023

Authored by: Niren Anand, Ever Trade

The Indian Budget 2023, presented by Finance Minister Nirmala Sitharaman, has set the tone for India’s economic growth in the coming years, with a focus on several key sectors including manufacturing, renewable energy, defence, energy management, and youth empowerment. The budget’s emphasis on these sectors is expected to have a significant impact on the country’s economy and provide a boost for the ‘Make in India’ initiative.

Finance Minister Nirmala Sitharaman

The Indian Budget 2023, presented by Finance Minister Nirmala Sitharaman on February 1st, 2023, lays the foundation for India’s economic growth in the coming years. With a focus on several key sectors, including manufacturing, renewable energy, defence, energy management, and youth empowerment, the budget is poised to provide a boost for the ‘Make in India’ initiative and attract foreign investment to the country. The budget’s emphasis on skilling programs, employment opportunities, tax incentives, and infrastructure development is expected to provide a conducive environment for businesses to thrive, and for the country’s economy to grow. This article will examine the measures outlined in the budget and the impact they are expected to have on the Indian economy.

The work on Evertrade India’s facility is on full swing, a commitment towards Make in India

One such industry that is set to benefit from the budget is the footwear industry. The budget’s focus on skilling programs and employment opportunities for the country’s youth is expected to provide a large pool of skilled workers for the industry to tap into. This, coupled with the government’s efforts to simplify the business process and reduce the time required for obtaining licenses and clearances, will make it easier for companies like Evertrade to set up operations in India.

Niren Anand

Recently Niren Anand moderated a session on “Intervention required to catapult India as a Global Footwear Hub” in Vanijya Bhawan, Delhi in presence of Commerce Minister Piyush Goyal with top executives from Footwear players like Skechers, Bata, Puma, Adidas and many others. At Evertrade, we are a China-based sports footwear manufacturer and have already taken the first step in investing in India by setting up a sports footwear manufacturing facility in Bhubaneswar, Odisha. The company’s decision to invest in India is our commitment and the perfect example of the country’s potential as a hub for the footwear industry. We thank Prime Minister Modi for his vision for Make in India, as well as the active contribution Invest India, and the Government of Odisha did to get our facility ready, which will start its production this quarter.

The budget’s emphasis on tax incentives and infrastructure development is also expected to provide a boost for the footwear industry in India. Tax incentives for companies that invest in the manufacturing sector will encourage more companies like Evertrade to set up operations in India. The government’s efforts to improve the country’s infrastructure, including ports, airports, and highways, will improve the country’s connectivity and provide a better business environment for the industry.
The Indian Budget 2023 is expected to provide a significant boost for the footwear industry in India. The budget’s focus on skilling programs, employment opportunities, tax incentives, and infrastructure development will make it easier for companies like Evertrade to set up operations and grow in India. The government’s efforts to empower the country’s youth and simplify the business process will provide a conducive environment for the industry to thrive. The footwear industry is poised to play a key role in the country’s economic growth in the coming years, as India becomes a hub for manufacturing and exports.

Author
• Niren Anand
Niren Anand is the founder of Evertrade, a China-based sports shoe manufacturer. He is a visionary entrepreneur with a passion for the sports industry and a commitment to innovation and design. With his strong background in the sports shoe industry, Niren has been instrumental in the growth and success of Evertrade. His dedication to providing athletes and sports enthusiasts with the best footwear has earned him a reputation as a leader in the industry. Niren’s commitment to quality and his focus on the needs of athletes and sports enthusiasts has driven the success of Evertrade and the launch of its new brand, EVER. He has been inspired by Prime Minister Narendra Modi’s ‘Make in India’ initiative and has decided to invest in India by establishing his first manufacturing facility in Odisha. This marks a significant milestone for the company and a step towards achieving excellence in the sports industry in India.