India’s footwear exports haven’t risen by much over the past decade, with growth constrained by structural challenges and global market dynamics. In contrast, Vietnam and Indonesia have gained prominence in the global footwear supply chain, driven by favourable trade agreements, robust manufacturing ecosystems, and rising international investments. This shift highlights the need for strategic policy reforms in India to remain competitive.

Exhibit: Trend in global footwear production over the years (In billion pairs of shoes)

Source: World Footwear, ICRA Research