India boosts silk and wool industries with increased budgetary support

The government has committed to bolstering the country's silk and wool industries with a significant increase in budgetary support announced in the recent interim budget. This move aims to revitalize these traditional sectors, enhance their competitiveness, and create new opportunities for rural livelihoods.

The silk industry received a Rs 900 crore ($108 million) allocation, marking a Rs 25 crore ($3 million) increase compared to the previous year. This financial boost will be channelled through the Central Silk Board (CSB) to support sericulture practices, research and development initiatives, and quality improvement measures. “This increased budgetary support is a welcome step for the silk industry," said CSB chairperson K M Hanumantha Rao. "It will enable us to address key challenges, modernize infrastructure, and promote innovative technologies for sustainable silk production."

Experts believe this investment will empower silk farmers, improve cocoon quality, and strengthen India's position as a global leader in silk production and exports.

The wool industry also received a boost, with a 50 per cent increase in its budgetary allocation, reaching Rs 275 crore ($33 million). This move aims to address challenges faced by wool growers, including low sheep population and inadequate infrastructure. "The increased support will be crucial for improving wool quality, enhancing marketing efforts, and promoting value-added wool products," said B K Mishra, President of the All India Sheep and Wool Improvement Federation.

Industry stakeholders hope this investment will revitalize the wool sector, create new job opportunities, and generate higher incomes for wool producers.

The government emphasized the importance of adopting sustainable practices and skill development initiatives in both industries. The increased budgetary support is expected to facilitate these efforts, leading to greater environmental responsibility and improved livelihoods for those involved in the silk and wool sectors.

This move by the Indian government is seen as a positive step towards revitalizing the country's traditional textile industries. The increased budgetary support is expected to boost competitiveness, create job opportunities, and empower rural communities involved in silk and wool production.