An assessment of Export Potential was done using ITC’s (International Trade Centre) Methodology for the Indian product category ‘Silk’ falling under chapter 50, at HS four and six-digit levels. Comparisons were also made with Italy and China, the next two close competitors of India in this product category. The analysis proves that the industry needs an overhaul in terms of establishing better production units with the right and innovative technologies. India’s export potential could be high only for two product categories HS 5003 (Silk waste, incl. cocoons unsuitable for reeling, yarn waste, and garneted stock) and HS 5007 (woven fabrics). The latter has good export potential but India cannot harness it, due to poor market access in many countries. The bilateral relationships may improve India's access in these markets, especially Vietnam and Korea. China is ahead due to its first-mover advantage and immense investment in technologies under changing market conditions. India needs to invest in technologies for the upliftment of the sector. India’s National Silk Policy looks promising given right monitoring mechanisms work to ensure its grassroots-level implementation and the commitment of state governments. Further Geographical Indicators must be promoted widely and database management for the public eye will help in gaining worldwide attention.