Taiwanese, Vietnamese firms keen to invest in footwear sector in India
non-leather footwear sector
, and the government support is crucial to facilitate these investments,
Council for Leather Exports
(CLE) Chairman RK Jalan said on Sunday.
Jalan said these Taiwanese and Vietnamese firms import products like shoe soles, moulds, machinery, and fabrics from countries like China.
"Vietnamese and Taiwanese firms are keen to invest in India. We need to support them so that they can import these goods smoothly into the country for their manufacturing facilities," he said.
The country's exports are growing at a healthy rate, and the council is aiming for USD 7 billion worth of shipments in 2025-26, he added.
The exports stood at USD 5.75 billion in 2024-25. The US was the top destination for Indian exporters with shipments worth USD 957 million (about 20 per cent share). It was followed by the UK (11 per cent) and Germany.
"We are expecting about 18 per cent growth this year. Promotion of manufacturing in the country will help further boost exports and job creation," Jalan added.
He said that a trade pact with the US will help increase the share in the American market. At present, this labour-intensive sector attracts 18.5 per cent duty in the US.
The two countries are major players in the global footwear sector. Vietnam is a major global hub for manufacturing and exporting footwear, while Taiwan plays a key role in the design, development, and production of footwear for leading international brands.
He also urged the government to roll out the focused product scheme for the footwear and leather sectors announced in the Budget to enhance productivity, competitiveness and exports.
The scheme will support design capacity, component manufacturing, and machinery required for the production of non-leather quality footwear.
Sharing similar views, Kanpur-based
Growmore International Ltd MD
Yadvendra Singh Sachan said Taiwanese companies have already invested in firms in Tamil Nadu.
"They have the best technologies in the non-leather footwear sector. Their entry will help domestic firms in increasing quality production," Sachan said, adding huge opportunities are there for investments in Uttar Pradesh and Bihar because of the availability of affordable labour in these states.
He said that Growmore International is also looking for collaborations with foreign firms to enhance the productivity of leather articles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
28 minutes ago
- Time of India
14-Samdani-CM-FIber-Net-Revival
Vijayawada: Chief minister Chandrababu Naidu directed officials to take swift action to restore and revitalize the AP Fiber Net project. He charged that the previous government had completely derailed the AP Fiber Net project, a visionary initiative launched between 2014 and 2019. Reviewing the progress of AP Fibernet activities here on Monday, the chief minister asked the officials to assess the challenges, financial constraints, necessary corrective steps, and new policy directions. He said that the system, designed to benefit the public, students, and government departments, was exploited for political purposes by the previous govt. He pointed out that while there were 8.70 lakh connections before 2019, was dropped to 4.50 lakh during the YSRCP regime. "We managed the organization effectively with just 130 employees and provided over 8 lakh connections. But the YSRCP government created unauthorized posts to accommodate its party workers, expanding the workforce from 130 to 1,350 and misusing public funds. This was a new form of corruption where party affiliates were placed in government roles and used for political work. The fiber network was no exception. Those responsible must be held accountable. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Providers are furious: Internet access without a subscription! Techno Mag Learn More Undo A thorough investigation should be conducted into those appointments, and full transparency must be ensured," directed chief minister. He, however, said that steps must be taken to rectify past mistakes and ensure a better future. He instructed that the current 4,53,525 connections be increased to at least 8–10 lakh. The chief minister approved the integration of AP Fiber Net with the BharatNet (Amended BharatNet Programme – ABP). Under this scheme, the Centre will allocate Rs. 1,900 crore to AP Fiber Net from 2025 to 2035. He also approved the transition of fiber networks in 1692 gram panchayats across Chittoor and Visakhapatnam districts from linear to ring architecture. Additionally, 480 new gram panchayats will be connected using the ring model. The Centre will provide Rs. 430 crore for this phase. GFX *A Special Purpose Vehicle (SPV), jointly managed by the Central and State Governments, to oversee these projects should be created: CM *The selection process for set-top box suppliers be completed immediately and that a revenue-sharing model be developed with Local Cable Operators (LCOs) using new set-top boxes: CM *Reintroduce services like virtual classrooms *Andhra Pradesh currently leads the nation in village panchayat connectivity. *Fiber net services have been extended to 12,946 panchayats so far. *The government aims to expand the network to a total of two lakh km. *Andhra Pradesh leads all Indian states in fiber optic network coverage with 78355km, followed by Maharashtra (50,481 km), Tamil Nadu (49,616 km), Gujarat (35,246 km), and Telangana (29,143 km).
Economic Times
an hour ago
- Economic Times
Trump to unveil $70 billion in AI and energy investments
AP President Donald Trump in Washington. (AP Photo/Evan Vucci) President Donald Trump will announce $70 billion in artificial intelligence and energy investments in Pennsylvania on Tuesday, the latest push from the White House to speed up development of the emerging is expected to share details of the new initiatives at an event outside Pittsburgh, according to an administration official, who spoke on the condition of anonymity to discuss the planning. Investments from a range of companies will include new data centers, power generation expansion and grid infrastructure upgrades, along with AI training programs and apprenticeships, the official added. Trump will be joined by Republican Senator David McCormick who's hosting the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University. AI and energy leaders, including as many as 60 executives, are expected to attend. Among those slated to participate are BlackRock Inc.'s Larry Fink, Palantir Technologies Inc.'s Alex Karp, Anthropic's Dario Amodei, Exxon Mobil Corp.'s Darren Woods and Chevron Corp.'s Mike Wirth, the official said. Blackstone Inc.'s Jon Gray is expected to announce a $25 billion project for data-center and energy infrastructure development and a joint venture to increase power generation, which is expected to create 6,000 construction jobs annually and 3,000 permanent jobs, according to Jake Murphy, a spokesman for McCormick. Blackstone declined to comment. Axios reported the details of summit earlier. The announcements Tuesday would mark the latest step by Trump toward meeting his pledge of ensuring US leadership in artificial intelligence. Since the start of his second term, the president has taken a wide-ranging approach that includes drawing in private-sector investments, moving to ease regulations and accelerating the permit process for new projects. Earlier this year, Trump announced a $100 billion investment in AI data centers from SoftBank Group Corp., OpenAI Inc., and Oracle Corp. The administration has also rescinded Biden-era AI chip curbs as part of a broader effort to boost American innovation and ease US allies' access to advanced administration's moves are aimed at keeping the US ahead of China in the race for an advantage in AI. China has invested significantly in the emerging technology, and the Chinese startup DeepSeek rattled investors on Wall Street in January with its breakthrough R1 model that suggested AI could be developed for far lower cost. Trump and other administration officials have also stressed the importance of meeting another tech industry priority: ensuring the US has enough power to run energy-hungry AI data centers. In their view, adequate electricity supply is intertwined with national security, essential to keeping the US ahead of global competitors in the race to dominate artificial intelligence. By 2035, data centers are projected to account for 8.6% of all US electricity demand, more than double their 3.5% share today, according to data from Bloomberg Trump administration has said expanding the use of coal-fired power, along with electricity from natural gas and nuclear, is needed to help fuel the boom and has warned of future blackouts if the that fails to happen. The US Energy Department has already used emergency authority to keep two-power plants that were slated to close online, and has signaled additional federal intervention may be hosting the event in Pennsylvania, Trump and McCormick are elevating the political importance of accelerating AI development. The Keystone state is a so-called battleground that former President Joe Biden won in 2020 and Trump took 2024. The event follows the closing of the $14.1 billion acquisition of Pittsburgh-based US Steel Corp. by Nippon Steel Corp., an agreement that ended a bruising takeover battle that was embroiled in American politics for months until finally gaining support from Trump. That deal is expected to domestic steel production and protect thousands of jobs. Both Trump and Biden also jockeyed for the support of union workers, and the deal is opposed by the United Steelworkers union. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. The 10-second mystery: Did the Air India crash report hide more than what it revealed? Can Indian IT's 'pyramid' survive the GenAI shake-up? Zee promoters have a new challenge to navigate. And it's not about funding or Sebi probe. The deluge that's cooling oil prices despite the Iran conflict Stock Radar: Natco Pharma stock showing signs of momentum after falling over 30% from highs – what should investors do? In mid-caps, 'just hold' often creates wealth: 10 mid-cap stocks from different sectors with upside potential up to 44% F&O Talk | Foreign outflows, IT drag pull nifty lower; next support at 24,500: Rahul Ghose How to use dividend yield in volatile times: 6 stocks where this strategy has a high chance of giving much better returns
Time of India
an hour ago
- Time of India
RS Software starts work to integrate global payments systems
Kolkata: Tech giant RS Software (India) Ltd, that had built the Unified Payments Interface (UPI) platform in 2015, is now working on a global payments integration platform to facilitate international trade flows. Tired of too many ads? go ad free now The company is also planning to invest over Rs 100 crore over the next five years to bolster the payments network system across the country. Raj Jain, CEO and MD of the company, said: "As UPI gains global recognition, govt has negotiated several bilateral agreements with different countries for the Indian diaspora to be able to pay for their purchases in those countries with UPI. We have worked with NPCI to execute many of these bilateral payment platforms' integration." RS Software is currently looking at bilateral payment platforms' integration in 10 countries, including the UAE, Singapore and France. Samik Roy, the newly appointed COO, will oversee the integration process. In 2024, the value of cross-border payment transactions was $162 trillion. Cross-border payments are challenged by issues like high fees, slow settlement times and poor transparency, making international transactions cumbersome and expensive. "This is where the opportunity is huge to help connect digital payment networks to facilitate global trade flows and make it easy for lower-value cross-border payments," said Jain. After the UPI platform launch, RS Software built the bill payments platform and in 2019 delivered the enterprise fraud and risk platform for the country.
