India’s rubber imports touched an all-time high of 415,000 tonnes in 2014-15 owing to lower international prices and fall in domestic production.
In the previous fiscal 2013-14, the rubber imports stood at 360,000 tonnes, which was also the highest ever till last year, according to rubber board data.
The production of natural rubber declined to 12-year low at 655,000 tonnes in 2014-15, down by 12 % compared to 774,000 tonnes in 2013-14.
Rubber price, which ruled around Rs 220 per kg in January 2011, nosedived to Rs 123 per kg in the domestic market in the last fiscal.
Imports increased notwithstanding the Centre raising import duty on natural rubber to Rs 30 per kg or 20 %, whichever is lower, in December 2013.
Meanwhile, to boost the domestic production of plantation crop, government is in the process of formulating a national rubber policy and an insurance-based scheme for the planters.
Total rubber consumption by various industries, including tyre manufacturers, was 10,18,000 tonnes during 2014-15 which was 3.7 % more than the previous year. – Business Standard