Silk exporters are already hit by rupee appreciation and competition from Chinese firms, Mittal said, adding that of the total 50 lakh workers in the sector, over 100,000 have lost jobs. The industry is apprehensive that the situation could worsen this year due to deepening of the US economic slowdown, which is spreading to other economies as well.
Barely a month after India began anti-dumping probe against Chinese silk imports, Indian traders are up in arms against Chinese firms, alleging that two Chinese government companies supplied damaged silk fabric to about a dozen Indian importers.
Demand for silk products has declined as cheaper polyester products have replaced silk goods the world over.
Economists polled in a recent survey by Ficci unanimously felt that the rupee will continue to be under pressure in 2018-19
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