Silk exports rises to Rs 3,338 crores in 2006-07

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New Delhi, Jul 8 (UNI) Indian Silk exports have risen from Rs 2,359 crore in 2001-02 to Rs 3,338 crore in 2006-07, registering a growth rate of 8.3 per cent.

Addressing mediapersons in Hyderabad today, Union Minister for Textiles Shankersinh Vaghela said fabrics and made ups constitute the bulk of the silk exports.

He said the US remained the largest destination for India's exports of silk fabrics and readymade garments, with a share of 25.8 per cent and the UK was the second largest destination with a share of 11.1 per cent in 2006-07.

India is exporting silk goods to more than 100 countries and the silk export earnings are growing steadily due to increasing demand of Indian silk goods particularly from the US and European countries, the Minister added.

The Minister also informed that the Investments in the textiles sector are expected to reach Rs 1,50,600 crore by 2012 and this enhanced investment will generate 17.37 million new jobs in the textiles sector.

Mr Vaghela mentioned that the biggest achievement of the UPA Government was to turn around the indian textiles sector from sunset to Sunrise sector.

The Minister said the textiles industry is increasingly embracing modern technology and work processes, becoming more competitive, building strong brand equity for its products and consistently achieving higher growth rates than ever in its long history. The plan allocation for textiles was increased by 66.21 per cent in 2007-08 (Rs 2,275 crore), and by 11.45 per cent in 2008-09 (Rs 2,500 crore). The textiles exports which was on a downward trajectory due to rupee appreciation is on the upswing due to timely remedial measures undertaken by the Central Government.

The textiles exports was 20.5 billion US dollars in 2007-08, and is expected to increase by 20 per cent during this fiscal year.

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