Silk industry - #SectorUpdates
India is the second-largest producer of silk in the world with 14.7% share in global raw silk production. As per market reports, silk industry is expected to grow from INR 376 Billion in 2021 to INR 1,032.8 Billion by 2027 exhibiting a CAGR of18.4% during 2021-2027. India’s silk and silk products are highly demanded worldwide. Export of silk fabric from the country is valued at INR 8.37 billion in FY 2022. The industry currently generates employment to 9.76 million people in rural and semi-urban areas of the country. Government of India has introduced Silk Samagra scheme through Central Silk Board (CSB), an Integrated Scheme for Development of Silk Industry with a total outlay of INR 21.62 billion aiming at the complete development of the silk industry in India. This scheme will aid in scaling up silk production by improving the quality and productivity.