Amendment to Silk Exchange Act soon: Vaghela

Bangalore, Jul 7 (UNI) The proposed amendment to Central Silk Board Amendment Act 2006 is being finalised and likely to be ready by this month end, Union Textile Minister Shankarsinh Vaghela said today.

Speaking at the 21st Outstanding Export Performance Awards for 2005-06 of the Indian Silk Export Promotion Council here, he said that the proposed amendments would bring in the qualitative standardization of the silk sector in the country along with giving greater freedom to silk farmers, reelers and weavers to sell and buy their produce in the open market.

He said that there was a long pending demand for bringing amendment to the Act by all the stake holders of the silk industry right from farmers, reelers and weavers.

Stating that Karnataka has only one Powerloom Park, Mr Vaghela said that his ministry will have open mind to sanction more such parks. He also urged the state entrepreneurs to utilise the fund available from the Technological Upgradation Fund (TUF), which would facilitate to receive 20 per cent capital subsidy upto an investment of Rs one crore to install latest Textile Machinery considering the weaving looms as small-scale units.

Union Minister of State for Textile V K S Elangovan, who also spoke, said that his ministry is spending over Rs 662 crores for promoting silk industry in the country during 11th five year plan.

"It was envisaged to scale-up raw silk production form the present 18000 MT to 26000 MT in the next three years. India is emerging as the chief source of quality silk in the world" he said.

Later the Ministers presented the Awards to various institutions and individuals for their best achievements including Himatsingka Seide Limited, country's largest producer of Natural Silk Fabrics and Spun silk yarns and others.

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