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Govt to intervene if silk producers are hurt - Minister
04 Jun '11
1 min read
The Union Government is aware of the fall in prices of cocoons in Karnataka, which accounts for 50 percent of the country's raw silk production, the Minister for Commerce and Industry, Anand Sharma has said.
The Minister added that the Government is closely observing the movement of prices of raw silk in the country. He promised that Government would intervene if domestic silk producers were found to be getting negatively affected due to its decision to reduce duty on import of raw silk by 25 percent.
However, sericulture farmers in Karnataka attribute the freefall in the cocoons' prices to the Government's move to decrease the duty on import of raw silk from 30 percent to 5 percent in the budget for 2011-12.
“The decision to slash the import duty was taken at a time when the users of raw silk were facing a scarcity due to demand-supply mismatch. If it is found, now, that the domestic producers are being negatively affected, the Government would intervene,” the Minister said.
The Minister added that the Government is closely observing the movement of prices of raw silk in the country. He promised that Government would intervene if domestic silk producers were found to be getting negatively affected due to its decision to reduce duty on import of raw silk by 25 percent.
However, sericulture farmers in Karnataka attribute the freefall in the cocoons' prices to the Government's move to decrease the duty on import of raw silk from 30 percent to 5 percent in the budget for 2011-12.
“The decision to slash the import duty was taken at a time when the users of raw silk were facing a scarcity due to demand-supply mismatch. If it is found, now, that the domestic producers are being negatively affected, the Government would intervene,” the Minister said.
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