India boasts over 1.3 million rubber growers, primarily concentrated in Kerala, which contributes significantly to the nation's rubber output, reaching 8.39 lakh tonnes in FY23. However, the demand during the same period reached 13.5 lakh tonnes. The tire industry, which consumes around 70% of India's natural rubber, has witnessed rapid growth and is projected to expand further. Consequently, there's a concerted effort within the rubber industry to rejuvenate domestic production.
As part of this initiative, four members of the Automotive Tyre Manufacturers Association (ATMA), in collaboration with the Rubber Board, have devised a plan to establish an additional 200,000 hectares of new rubber plantations in Northeast India and West Bengal. Embracing the ethos of 'Atmanirbhar Bharat', the INROAD (Indian Natural Rubber Operations for Assisted Development) project aims to support the development of 200,000 hectares of rubber plantations in the Northeast, under the active guidance of the Ministry of Commerce & Industry. Notably, INROAD marks the world's first collaborative effort between the natural rubber-consuming industry (tire sector) and government agencies to finance the plantation of natural rubber (NR).
This story is from the May 01 - 31, 2024 edition of BUSINESS ECONOMICS.
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This story is from the May 01 - 31, 2024 edition of BUSINESS ECONOMICS.
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