Cabinet okays ₹ 2,600 cr package for leather, footwear industry

RSTV Bureau

Ravi Shankar Prasad cabinet briefingThe government on Friday approved a ₹2,600 crore special package for employment generation in the leather and footwear sector, which has the potential to generate 3.24 lakh jobs in three years and assist in the formalisation of 2 lakh jobs.

The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi in New Delhi.

The package involves implementation of central scheme ‘Indian Footwear, Leather & Accessories Development Programme’, with an expenditure of ₹ 2,600 crore during 2017-18 to 2019-20.

“The scheme would lead to development of infrastructure for the leather sector; address environmental concerns specific to the leather sector and facilitate additional investments, job creation and production,” the government said.

The government added that the enhanced tax incentive will attract large-scale investments in the sector.

The package, according to the government, has the potential to generate 3.24 lakh new jobs in three years and assist in the formalisation of 2 lakh jobs as cumulative impact in footwear, leather and accessories sector.

(With inputs from PTI)