Tamil Nadu Chief Minister M.K Stalin Launches Footwear and Leather Goods Policy 2022: 5 Points Here!

This policy introduced by Tamil Nadu Chief Minister is going to help in creating employment for atleast two lakh people in the state.

M K Stalin, Chief Minister of Tamil Nadu launched the Tamil Nadu Footwear and Leather Products Policy 2022 for the state. He also signed five MoUs with companies namely KICL, Walkaroo, KIC, KICL SEMS, and Wagon International, for an investment worth Rs 2,250 crore in the footwear and leather sector. The CM also laid the foundation stone for the mega footwear manufacturing park at Panapakkam, Ranipet costing INR 400.

During the launch, the CM said that the state is the largest exporter of leather. The state has also collaborated with a lot of top global brands in the past namely, Giorgio Armani, Gucci, Clarks, Cole Haan, Daniel Hechter, Bugatti, Prada, and Zara, Coach, and Tommy Hilfiger for providing raw material.

Briefing the media, the CM said that this policy is going to be helpful in attracting a total of INR 20,000 crore investment to the leather sector by 2025. Additionally, it is also going to be helpful in creating employment opportunities for around two lakh people. This initiative is going to make Tamil Nadu a global name in the field of footwear manufacturing.

This policy will also aid the motto of India to become a USD 1 trillion economy by 2030. Tamil Nadu is going to be one of those states that will attract global investment and make the leather industry an employment-generating industry.

"The state has a well established industrial ecosystem of high-performing sectors such as electronics, textiles, information technology, auto-mobiles and auto-components," the policy document said.

The top pointers that the Tamil Nadu Footwear and Leather Products policy caters to can be checked in the section below.

• The policy is aimed to accelerate the existing productivity of the footwear industry.
• It is going to help the state with the advantages of becoming number one in infrastructure, human capital, knowledge and research, diversified economy etc.
• The current policy will help the Tamil Nadu state in leveraging the existing contribution of 26% to the manufacturing industry by a high percentage.
• As per the policy, the industries that are not in the present cluster will be eligible for a Fixed Capital Subsidy (FCS) of 10 per cent of investment in eligible fixed assets to be disbursed in 10 equal annual instalments.
• The policy will not only support providing a conducive environment for the existing leather industry but also help in the survival and upliftment of the other ancillary units.