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Finance Minister Nirmala Sitharaman has made several big announcements in the Union Budget. Liberty, Bata India and major footwear stocks are witnessing a surge after the Finance Minister announced the new leather and footwear policy. The Finance Minister announced that a scheme will be launched for the footwear and leather sector, while steps will be taken to make India a global toy manufacturing hub.
The Finance Minister said that this step is expected to provide employment to 22 lakh people, which will generate a turnover of Rs 4 lakh crore and exports of more than Rs 1.1 lakh crore. These shares showed a great rise. Shares of Relaxo Footwears rose 8.97 percent to Rs 598.75 per share on NSE, while Liberty rose 8 percent to Rs 425.80 per share. Bata India rose nearly 3 percent to Rs 1,335 per share. This new scheme has been launched to increase the productivity, quality and competitiveness of India's footwear and leather sector. This scheme will focus on supporting leather footwear and producers.
