Rubber Board calls for collective action to arrest sliding prices
- Posted By
10Pointer
- Categories
Economy
- Published
10th Oct, 2022
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Context
Taking serious note of the continuing slide in rubber prices, Rubber Board has called for collective efforts to cope with the fall.
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The Rubber Board has introduced the updated version of mRube, the electronic market for rubber, which went live for trading in July 2022.
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Reason behind the current fall in prices
- weak Chinese demand
- the European energy crisis
- high inflation and an import glut
India’s rubber market
- India is currently the world’s fifth largest producer of natural rubber while it also remains the second biggest consumer of the material globally.
- (About 40% of India’s total natural rubber consumption is currently met through imports)
About Rubber Board
- The Rubber Board is a statutory organization constituted under Section (4) of the Rubber Act, 1947 and functions under the administrative control of the Ministry of Commerce and Industry.
- The Board is headed by a Chairman appointed by the Central Government and has 28 members representing various interests of the natural rubber industry.
- The Board’s headquarters is located at Kottayam in Kerala.
- The Board is responsible for the development of the rubber industry in the country.
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