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Announcing the figures at a press conference late evening today, the Minister of State for Micro, Small and Medium Enterprises said the exports of coir and coir products from the country set an all time high record of Rs 2,282 crores by value and 9,57,044 Metric tonnes in terms of quantity during 2016-17.
"This represents an increase by 27 per cent and 20 per cent over the value and quantity respectively achieved during the year 2015-16," the Minister said, flanked by Coir Board Chairman C P Radhakrishnan.
The coir sector had fetched an export revenue of Rs 1,630 crore in the financial year 2015-16 against Rs 1,476 crore achieved in the previous year.
Singh said the Indian coir sector has tremendous potential to grow and provide employment to a large number of people.
"Modernisation of industry, achievement of higher raw material utilisation and productivity would be accorded top priority in the development agenda of the Central government for this sector," he said.
Highlighting the paramount need for modernisation of coir industry, the Minister said that responding to the repeated demand from the industry the Coir Board is going ahead with a project to fabricate a versatile spinning machine capable of producing yarn with uniform thickness in large quantity.
To promote larger investments, by entrepreneurs, introduction of a scheme with financial support upto Rs 2.50 crores is under consideration of the government, Singh said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)