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Business EconomyPosted at: Nov 27 2020 2:50PM


Ministry of Commerce & Industry, Rubber Board gears up to develop rubber farming

Kottayam, Nov 27 (UNI) Union Ministry of Commerce and Industry and Rubber Board gearing up to develop rubber farming with huge private investment across North-Eastern states.
As part of this, Automotive Tyre Manufacturers Association (ATMA), the association of tyre companies, will invest Rs 1100 crore to promote rubber farming across north-eastern states.
It is for the first time in India, the tyre companies are investing money on rubber farming.
Union Minister for Commerce and Industry Piyush Goyal had held talks with ATMA representatives to decide on this matter, official sources said on Friday.
An amount of Rs 1000 crore will be utilized for developing rubber plantations in North-Eastern states and Rs 100 crore will be reserved to improve the quality of rubber sheets. This amount will be included in a special scheme.
The rubber farmers will get a loan through NABARD. The interest rate on the loan paid by the farmers will be reimbursed to their bank account. Rubber Board is in charge of supervising the project.
According to Rubber Board Chairman Dr K N Raghavan, only preliminary talks on the project were carried out and a detailed discussion will be held later.
The Ministry has proposed the project after examining a sharp decline in India's rubber production.
The domestic production of rubber is recorded at seven lakh tonne per year. At the same time, the consumption is found to be 11 lakh tonne. It is estimated that the country produces only 63 per cent of rubber consumed.
The Central Government aims to extend rubber farming in two lakh hectares land within two years.
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Tags: #Ministry of Commerce & Industry# Rubber Board gears up to develop rubber farming
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