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Varanasi to have silk exchange

04
Jan '10
A silk exchange is being set up by the state government of Uttar Pradesh in Varanasi district, to develop the sector in the backward Purvanchal region. The exchange will be opened in the middle of 2010 which will facilitate the availability of silk to the traders and sari manufacturers at reasonable prices.

The exchange is estimated to cost around Rs. 0.15 billion, out of which 80 percent will be provided by the central government and rest will be borne by the state government. The ministry has already received Rs. 0.4 billion in funds to establish the project, which will be covered under National Agriculture Development Scheme, said a Minister.

Annual silk consumption of the state is approximately 5,000 tons, whereas its production in the state is just 50 tons. The state has 160 government farms for mulberry silk culture. Currently, majority of the silk trade is conducted in unorganized sector, but the commencement of this exchange would make trading more professional.

Moreover, it will check the smuggling of silk in the region and take steps to reduce the cost for silk traders and manufacturing units. There are two major industries in Purvanchal region- silk industry in Varanasi and carpet industry in Bhadohi district, and these two districts encompass thousands of micro, small and medium (MSME) enterprises, which manufacture, trade and export silk apparels and carpets.

At the initial stages, this silk exchange will cater to silk trade and later on to the raw material trade for the carpet industry, added the Minister.

Fibre2fashion News Desk - India


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