Waiting for the direction

Rubber and tyre manufacturing is shifting to Asia and India enjoys a unique position both in terms of natural rubber production and consumption. Unfortunately India’s potential in the sector has not been fully harnessed. Certain limiting factors have come in the way of full blossomed growth. Now the Union government has constituted an expert committee to formulate National Rubber Policy, which will be chaired by the Additional Secretary (Plantations) Department of Commerce. The panel has members drawn from relevant ministries, Rubber Board, industry, growers, processors and research bodies. A notification in this regard has been issued by Department of Commerce, Ministry of Commerce and Industry, Government of India. The expert committee will submit its report including the draft of the National Rubber Policy as early as possible, say, within six months, says the notification.

The committee will examine issues relating to production, development and exports of rubber and related products and make recommendations for a broad based policy related to Natural, Synthetic and Reclaimed Rubber.

The Finance Minister Arun Jaitley is likely to present the Union Budget for 2014-2015 in Parliament on 11th July, while Rail Budget 2014-15 to be presented by Railway Minister Sadananda Gowda on 9th July. Major sectors are awaiting government’s announcement that will not only give direction to the Indian economy but will also pave the road for development of these sectors.

Today, the benchmark RSS4 grade rubber closed at `.145.50 a kg at Kottayam, while RSS3 grade closed at `.127.93 a kg at Bangkok and Malaysian SMR20 closed at `.104.38 a kg. On National Multi Commodity Exchange, June 2014 futures closed at `.146.26 a kg, July at `.145.36, August at `.143.74 and September at `.141.92 a kg. On Tokyo Commodity Exchange, June 2014 futures series closed at ¥201 a kg, July at ¥200.8, August at ¥201.8, September at ¥204.5, October at ¥206.6 and the contract for delivery in November 2014 closed at ¥208.9 a kg. On Friday, the market is expected to be in positive trend and may cross ¥211 a kg.

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