Cabinet approves special package for Employment Generation in Leather and Footwear Sector
The central government has recently approved to sanction a special Rs 2600 crore package to be given away for the Leather and Footwear industries within the country. According to the latest updates, the central government authorities’ aims at upgrading the leather and foot wear industries and business so more employment for unemployed youth can be created in this sector.
- The new announcement for introduction of new package for leather and footwear sector was officially announced by the Union Cabinet committee under the supervision oft eh Central Government sector.
- The new implementations in the above mentioned sector will be provided for the financial year 2017-2020.
Set Budget under the approval
- The central government has already sanctioned a set budget of Rs 2600 crore for implementation in this sector.
- The government has also ensured that another special package of Rs 4000 crore will be sanctioned further for investment in Leather and Footwear sector by next coming years.
- According to the updates, by implementation of this package the government aims at generating over 3.24 lakh new job opportunities within this sector nation wide.
- The government has also stated that over 2 lakh new jobs shall be created for the people in government sectors itself under the leather and footwear sector.
- On account of the increase in value of Rupee against British pounds, the ICRA expects that the number of customers in footwear industry is expected to grow on account of increasing demand from the exports oriented market in India.
- On account on vast scope within the footwear industry in the country the central government aims at generating better opportunities in this sector for growth.
- The central government aims at generating more job opportunities in the exports oriented market for foot wears within the country.
- According to the central government sources the leather industry will also experience a rapid growth in the international market due to rising competition in this sector.
- As compared to European Union, there is a much increased demand of Indian Footwear within the global market, so the Industrial Policy and Promotion department has demanded more funds to be introduced within Footwear sector and leather industry.
- Due to the latest increasing market demands, the central government has also announced to extend the development program in the leather and footwear sector for another 3 years.
- There was also announcement made by the Finance Minister Mr. Arun Jaitley regarding increasing the set budget for implementation in this sector by around Rs 6000 crore for next fiscal budget program.
With the changing economy in the European markets, the demand for Indian products is increasing. This further opens the doors for better job opportunities for the people related to this sector. The central government aims at providing people with more job opportunities along with improving the export sector in the country.
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