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NEWS UPDATE »

Rakesh Biyani
Jt. MD, Future Retail on Union Budget 2014-15
Rakesh Biyani, Jt. MD, Future Retail, on Union Budget 2014-15

The Footwear Industry welcomed the small concession offered in the union budget. However, the industry is disappointed that the concessional excise duty has been limited to footwear up to Rs. 1000 only. It believes that this small concession will not lead to new investments in new factories.

Footwear is currently subject to among the highest excise duty slabs across any product category (26-28% of ex-factory price). Such high taxes have led to the closure of factories in vantage areas that were traditionally close to raw material and skilled labour source. Even though some factories have opened in Excise free zones, these factories are plagued by inefficiency due to lack of raw material and skilled labour.

Ideally a lower rate of excise duty leading to the introduction of GST would have attracted investments closer to the raw material and skilled labour availability. Such efficient factories coupled with lower excise duty rates would lead to increase in domestic consumption and also new export markets. With increasing costs across the rest of the world, India has the potential to grab a large share of the global footwear export market. In fact the access to domestic market is a key to increasing exports also.

AIFMRA will once again request the Finance Ministry to review the excise duty levy on Footwear. Footwear should be granted same status as Apparel, as both have tremendous potential for job creation.
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UPDATE: INDIA »









» Several global brands set to open shop in 2014
» Bestseller to part ways with India partner
» Rs.990 cr approved for leather sector in 12th plan
» Fresh EU custom duties to hamper India
» China’s loss, India’s gain?
» G&D new licensee for Chhota Bheem footwear
» CEPT closure shuts 56 tanneries
» Footwear range from Turtle soon
» Woodland launches pro adventure gear
» Metro Shoes re-positions itself with ‘Shoes for a new race’ campaign
» Adidas plans to increase brand popularity
» Mustang’s new campaign
» Pan India mall stock increases by 20 million sq. ft.
» Defamation complaint by Adidas AG against former India chief
» Safari launches e-store
» Aditya Birla Retail announces new CEO
more...
UPDATE: INTERNATIONAL »










» Blackstone to invest in Crocs
» Higg Index 2.0 includes addresses footwear too
» LVMH to acquire 30% share in Giuseppe Zanotti
» Nike Q2 profit up
» Prada profits boost in Q3
» Ferragamo’s profit up in Asia-Pacific
» ZDHC’s new framework to phase out perilous chemicals
» St. Lawrence University’s old shoes recycling project
» Swatch Group to receive 328 million euros from Tiffany & Co
» Urban Outfitters apologises to Hindus
» Gucci invests in snakeskin research
» Chanel acquires tannery to control quality of supply chain
» Educational footwear for children
» ‘Leather is my Job’ project launched in Europe
» Chinese footwear manufacturers exploring new markets
» Ethiopia – new hub for Chinese shoemaker
» Surge in China’s leather exports
more...
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