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Key Points

Commerce Minister Piyush Goyal met Lenskart CEO Peyush Bansal to discuss boosting India's eyewear manufacturing and exports. India currently ranks 16th globally in eyewear exports, with just 0.39% market share. The UK is India's top eyewear export destination, while China dominates imports. Goyal praised Lenskart's efforts to expand vision care access across India. The meeting highlighted India's potential to become a global eyewear manufacturing hub.

Key Points: Piyush Goyal Urges Lenskart CEO to Make India Eyewear Export Hub

  • India's eyewear exports lag at 0.39% global share
  • UK top importer of Indian eyewear
  • China dominates India's eyewear imports
  • Lenskart's vision care initiatives praised
2 min read

Make India a global hub for eyewear manufacturing and exports: Piyush Goyal to Lenskart CEO

Commerce Minister Piyush Goyal discusses with Lenskart CEO Peyush Bansal how India can become a global eyewear manufacturing and export leader.

"Met Mr. Peyush Bansal... discussed how India can become a global manufacturing & export hub for eyewear. - Piyush Goyal"

New Delhi, May 15

Union Commerce and Industry Minister Piyush Goyal met Lenskart Co-founder and CEO Peyush Bansal to discuss the potential of making India a global hub for manufacturing and exporting eyewear.

The meeting focused on tapping into India's growing capabilities in this sector and reducing the country's dependence on imported eyewear products.In a social media post the minister stated that he was pleased to see the steps

Lenskart is taking to improve access to vision care across India. He also spoke about how Indian companies like Lenskart can play a key role in boosting exports and creating a strong global presence for Indian-made eyewear.

He said "Met Mr. Peyush Bansal, Co-founder & CEO of Lenskart, and discussed how India can become a global manufacturing & export hub for eyewear. I was pleased to learn about the company's impactful social initiatives to expand access to vision care across the country".

According to data from the Observatory of Economic Complexity, India's share in global eyewear exports was only 0.39 per cent in 2023, placing the country at the 16th position out of 209.

In value terms, India exported eyewear worth USD 48.8 million in 2023, ranking 594 out of 1,212 products.

The United Kingdom was the top destination for Indian eyewear exports, receiving products worth USD 17.3 million. It was also the fastest-growing market for India, with exports increasing by USD 14.4 million from 2022 to 2023.

However, on the import side, India brought in eyewear worth USD 198 million in 2023, with China being the largest supplier at USD 171 million. China is showing fastest growth by increasing its exports to India by USD 92.7 million between 2022 and 2023.

Further data from the World Integrated Trade Solutions (WITS) by the World Bank shows that India imported sunglasses worth USD 177,353.44K in 2023, with a total quantity of 193,266,000 items.

Most of these sunglasses came from China (USD 154,152.35K for 191,691,000 items), followed by Italy, the United States, Japan, and other Asian countries.

The Economic Complexity Index (ECI) for India stood at 0.65 in 2023, placing it 39th out of 132 countries. This index shows the diversity and complexity of a country's export products.

With high imports and low global export share, the meeting between Piyush Goyal and Peyush Bansal highlighted the need for India to boost local manufacturing and aim to become a major exporter of eyewear in the world.

- ANI

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Reader Comments

Here are 6 diverse Indian perspective comments for the article:
R
Rahul K.
Great initiative! We import too much from China in this sector. If companies like Lenskart can scale up manufacturing with govt support, it will create jobs and reduce foreign dependency. Make in India should focus on such consumer goods too, not just electronics.
P
Priya M.
Lenskart has really improved access to affordable eyewear in smaller towns. Hope they can maintain quality while scaling up exports. Indian brands need to compete on quality, not just price. 🇮🇳 #VocalForLocal
A
Arjun S.
While the vision is good, we need to ask - does India have the technical expertise to manufacture high-end lenses and frames? Most premium eyewear still comes from Germany/Italy. Maybe start with mid-range products first.
S
Sneha R.
My spectacles from Lenskart broke within 6 months 😒 Hope they improve durability before thinking about exports. Good eyewear isn't just about style - it's medical equipment that needs to last.
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Vikram J.
Smart move! UK is already our top export market - we should leverage Commonwealth connections. Indian designs with British styling sensibilities could be a winning combo. Plus, less shipping time than from China.
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Neha T.
Why only focus on exports? First ensure every Indian child has access to affordable glasses. 30% of rural kids have uncorrected vision problems affecting education. Business should solve our problems first 🌟

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