Last year, Finance Minister P. Chidambaram
had projected an estimated GDP growth of 6.1-6.7% for 2013-14 in his annual
budget, but lately lowered the estimates to around 5%. Today, the government
pegged the economic growth rate for 2013-14 at 4.9% against 4.5% in 2012-13.
The growth is projected to be marginally lower than the finance ministry's
estimated growth.
The three Southeast Asian natural rubber
producers are considering joint action to support prices, as tyre grades dip to
five year low on worries about a slowing economy in China. They are examining
whether to curb exports; reduce tapping or buy rubber from farmers. Indonesia
has already urged its farmers to reduce tapping. Thailand and Malaysia could
opt for export and output cuts. The representatives from Indonesia, Thailand
and Malaysia are meeting this month to work out a deal.
The benchmark RSS4 grade rubber closed at `.144
a kg at Kottayam, while RSS3 grade closed at `.130.98 a kg at
Bangkok and Malaysian SMR20 closed at `.116.35 a kg. On Tokyo
Commodity Exchange, February 2014 futures series closed at ¥217.8 a kg, March
at ¥218.2, April at ¥218.8, May at ¥220.3, June at ¥221.9 and the contract for
delivery in July 2014 closed at ¥222.2 a kg. While on National Multi Commodity
Exchange, February 2014 futures closed at `.144.43 a kg, March
at `.146.69, April at `.149.05, May at `.151.64
and June at `.153.23 a kg.
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