With the price of natural rubber plunging to the lowest in four years, the Indian Rubber Growers Association has demanded a total ban on all sorts of rubber imports for one year and asked the concerned authorities concerned to redefine the policy on import-related export.
The representatives of the Association, on Saturday, submitted a petition to Union Minister for Defence in this regard. In the petition, the Association has pointed out that importers, who import through duty-free channel, delay their export commitment unreasonably to an extent of three years, which was adversely affecting the balance in the industry.
“It may be noted that 2.70 MTS of rubber has been imported to India till now, where 65 per cent has been imported through duty-free channel-Duty Exemption Entitlement Certificate,” it said. “It is pertinent to note that the deficit of natural rubber is expected to reach India by import. This import is directed towards artificially creating supply in the market,” it said.
Therefore, this import is not in the interest of the rubber industry and farmers in particular,” it said. The petition has demanded that the standard input and output norms for duty-free import also should be revised.
Source: The New Indian Express
Published: 03 Feb 2014