Hike in custom duty on import of raw silk welcomed

The recent decision of the Union government to hike the basic custom duty on the import of raw silk from five per cent to 15 per cent has come as a big relief to the Indian Sericulture Industry as it protects the interests of sericulturists, said M S Bissegowda, Chairperson, Central Silk Board.

Addressing reporters here on Wednesday, Gowda said the revision of duty is expected to have a positive impact on domestic sericulture industry through better value realisation for indigenous cocoons and raw silk. He was optimistic that the revision of import duty would attract farmers to take up sericulture on a large scale across India.

Ishita Roy, member secretary, Central Silk Board, said the decision would increase production of raw material. She said the silk industry is getting positive response from the United States of America. 

She, however, maintained that the silk market is not just restricted to Europe or America, but has spread up to United Arab Emirates, Scandinavian nations, African continent and the South Asian countries.