Silk Board to be closed soon: Minister

 The proposal for closure will be placed before the State Cabinet for consideration, said Minister for Sericulture Venkataramanappa, in Bangalore on Monday.

The minister said the KSMB has been registering loss since its inception in 1979. The state of affairs is such that the salaries and perks of the managing director and chairman - occupied by two senior IAS officer - adds up to around Rs 50 lakh a year, while the annual turnover of the board is Rs 80 lakh.

“Thus, we thought that closing down KSMB would be in the best interest of the State. Also, voluntary retirement will be provided to its employees,” said Venkataramanappa. At present 101 employees are working with the board.

The KSMB registered a loss of Rs 5 crore during the fiscal 2009-10, the minister said.

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