MUMBAI: Import duty on natural rubber would be increased soon in a bid to support the local industry and a notification giving effect to the rise will be issued soon, Commerce and Industry Minister Anand Sharma said today.
“We have sent our recommendation to hike the import duty on natural rubber to the Revenue Department. It will issue a notification in this regard soon,” Sharma told reporters on the sidelines of event here.
However, the minister did not elaborate on the quantum of the hike. At present the import duty on natural rubber is Rs 20 per kg.
The hike in duty is mainly to support the falling local prices, Sharma said.
India is the world’s fourth largest rubber producer and second in consumption.
The rubber prices in the local markets have declined by about 20 per cent during the last five months, according to industry sources.
India mainly imports natural rubber from Malaysia, Thailand, Indonesia and Vietnam.
Source: India Times
