MUMBAI, March 14 – India has been considering raising import duty on natural rubber and the notification regarding the hike would be issued soon, Trade Minister Anand Sharma said on Thursday.
“We have sent our recommendation for hiking the duty and a notification would be issued soon,” Sharma told reporters on the sidelines of an industry event without elaborating quantum of the hike.
India, the world’s fourth largest rubber producer, could increase import duties on natural rubber by 70 percent to support falling local prices, two industry sources and one government official told Reuters last month.
Domestic rubber prices have fallen nearly 20 percent in the last five months on sluggish demand and a surge in cheap imports. India imports natural rubber from Malaysia, Thailand and Indonesia.