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Rubber Board calls for collective action to arrest sliding prices

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    10th Oct, 2022

Context

Taking serious note of the continuing slide in rubber prices, Rubber Board has called for collective efforts to cope with the fall.

The Rubber Board has introduced the updated version of mRube, the electronic market for rubber, which went live for trading in July 2022.

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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