The Indian Coir sector’s revenue from exports touched an all time high of Rs 2282 Cr by value and 9.57 Metric Tonnes in quantity in the 2016-17 financial year. These figures were revealed by Union Minister for Micro Small and Micro Medium Enterprises Giriraj Singh on 13 May 2017 during a press conference in Kochi. The minister stated in his speech that these figures represent a 27 per cent increase in value and 20 per cent increase in quantity during the 16-17 fiscal year. The Minister was joined by the Coir Board Chairman C P Radhakrishnan.
The coir sector had fetched export revenue of Rs 1630 Cr in the financial year 2015-16 against Rs 1,476 Cr achieved in fiscal year 2014-15. The minister further stated that the Indian coir sector has tremendous potential to grow and provide employment to a large number of people. He added by saying that modernisation of the 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.
Besides this, the Minister also stated that by 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. He added that the government is considering to introduce a scheme that would extend financial support upto Rs 2.50 Cr to the sector in order to promote larger investments by entrepreneurs.