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Govt to frame policy to address issues of rubber industry

By Religare
|

The government is in the process of formulating a national rubber policy and an insurance-based scheme to address issues pertaining to the sector and boost the production of the plantation crop, said the media report.

"The policy is being formulated to address demands of the rubber industry and growers. The committee is looking at all the issues concerning the sector and it would evolve a suitable regime for production, consumption, manufacture and imports of rubber in the short and long term," a senior commerce ministry official said.

 

The Commerce Ministry has also started an exercise of resetting the goals and functions of the Rubber Board.

To formulate the National Rubber Policy, a committee consisting of experts and stakeholders has already been set up, added the report.

Further, an insurance-based scheme to operate the price stabilisation fund for the commodity has been prepared and submitted to the Finance Ministry for its approval.

The scheme is designed to cover losses to growers arising from fluctuations in yield and prices.

It would be implemented in cooperation with insurance companies.

Story first published: Monday, April 13, 2015, 23:10 [IST]
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