India increases budgetary support for development of silk industry

03 Feb '24

2 min read

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India's government will provide ₹900 crore in financial support to the silk industry for fiscal 2024-25, according to documents of interim budget presented by finance minister Nirmala Sitharaman this week.
The Central Silk Board (CSB) will use the funds to promote sericulture practices, research, and improve silk production and quality in the country.

India has increased financial assistance for its silk industry. The government will provide financial assistance of ₹900 crore for next fiscal 2024-25, according to documents of interim budget presented by finance minister Nirmala Sitharaman in the Parliament on Thursday.

The Indian government helps in the development of silk industry through the Central Silk Board (CSB).

As per provisions of interim budget for fiscal 2024-25, the CSB will get financial support of ₹900 crore. It received ₹875 for current fiscal 2023-24. The government had originally allocated ₹917.77 crore for the current fiscal, but it was later reduced and readjusted to ₹875 crore. The government had given financial support of ₹874.99 crore in fiscal 2022-23.

The CSB is engaged in promoting the development of silk industry in the country. The organisation works towards creating greater opportunities for gainful employment and improved levels of income in sericulture through spread of scientific sericulture practices. The board also helps scientific, technological and economic research in the silk industry.

The CSB is also devising means for improved methods of mulberry cultivation, silk worm rearing, developing and distribution of healthy silkworm seeds, improved methods of silk reeling and spinning of the cocoons and silk-waste, and improving the quality and production of raw silk.

Fibre2Fashion News Desk (KUL)

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