LUCKNOW: The Uttar Pradesh government, led by Yogi Adityanath, is set to launch its Silk Exchange project in Varanasi, the heart of a renowned silk-weaving industry.
The Silk Exchange is designed to make silk more readily available to traders and sari makers at affordable pricing.
The state government is also seeking to establish a Karnataka Silk Marketing Board (KSMB) office at the Silk Exchange, which will make raw silk reeled in the state available to weavers in Uttar Pradesh who weave Banarasi sarees.
The silk exchange, according to a government spokeswoman, will prevent silk smuggling in the region and cut costs for silk dealers and manufacturers. In a similar vein, the government plans to connect area weavers with Silk Exchange over the next six months. Under the ODOP initiative, the department would also focus on digitising the silk exchange.
"Weavers, yarn-making units, and the silk exchange will all be brought together on a single platform once the silk exchange is operating. This will also allow for the creation of a single platform for the sale and presentation of weavers' finished silk products "According to the spokeswoman.
He explained that under the Silk Exchange, Uttar Pradesh's reelers will bring their silk to the Silk Exchange for sale. All of the silk lots brought in this way will be evaluated for quality first, and then the floor price for each silk lot will be determined based on the state's average silk price and the lot's quality. The silk lots are then auctioned off. The exchange ensures that the reelers are paid on the moment.
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