India Silk Industry faces massive threat in recovering amidst Pandemic

Weavers are struggling to meet up with the current shrinking demands of expensive brocade and raw silk sarees with cheaper substitutes. Raw silk prices have skyrocketed from ₹3,000 to ₹4,500 while prices of copper and silver brocade have shot up by 40% in the last four months. Wholesale price-based inflation, rose in double-digits to 11.4% in August for the fifth time, stoking concerns companies could pass on rising costs to consumers. The handloom and power loom saree manufacturing industry with nearly 1.5 million employees is facing an annual crisis of ₹700 billion.