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'Silk exports could fall drastically' – Chairman, Silk Board
05 Jan '09
1 min read
The economic meltdown and the accompanying recessionary trends are not leaving any sector unscathed in its wake. The booming silk exports sector is also expected to be a casualty. According to Mr Hanumanthappa, Chairman, Central Silk Board, silk exports could fall by 50 percent during the current fiscal (2008-09).
He was very categorical when he said, “the silk industry is as vulnerable to the slowdown as the textile industry and hopes that things will pick up once the new US administration is in place, though the near term prospects are not too bright, though demand should pick up over the next six to nine months.”
Considering the fact that silk exports in the last fiscal (2007-08) had touched Rs 26 billion, a fall over 21 percent over the previous fiscal, the current fiscal's figures as per the projection of the chief of the Silk Board can be expected to be around Rs 13 billion. In the beginning of the year the board had projected export figures of Rs 38 billion.
He was very categorical when he said, “the silk industry is as vulnerable to the slowdown as the textile industry and hopes that things will pick up once the new US administration is in place, though the near term prospects are not too bright, though demand should pick up over the next six to nine months.”
Considering the fact that silk exports in the last fiscal (2007-08) had touched Rs 26 billion, a fall over 21 percent over the previous fiscal, the current fiscal's figures as per the projection of the chief of the Silk Board can be expected to be around Rs 13 billion. In the beginning of the year the board had projected export figures of Rs 38 billion.
Fibre2fashion News Desk - India
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