Natural Rubber Production Likely To Rise 5% In FY24: AIRIA

New Delhi, Aug 16 (KNN) The production of natural rubber is expected to rise by at least 5 per cent in 2023-24, from 8 lakh metric tonne in the previous fiscal, the All India Rubber Industry Association (AIRIA) said.

Ramesh Kejriwal, president, All India Rubber Industry Association said that the excessive rain is good for rubber production and attributed the sector’s growth to the growing automobile industry which makes use of rubber in belts and tyres, among others.

“One of the biggest factors behind the growth of this industry is the growth of the automobile industry. Automobiles make use of rubber in many ways, rubber belts, tyres, etc. Natural rubber production has also seen great growth,” he said.

Kejriwal pointed out that around 5 lakh tonne of rubber was imported from Thailand, Malaysia, Sri Lanka and Vietnam in the last financial year due to rising demand in India.

He explained that the domestic prices of rubber are higher than imported prices and that prices of natural rubber in international market is low because the consumption in China and the EU is yet to pick up.

AIRIA is an apex body of the Indian rubber industries - both tyre and non-tyre sectors - and also of the traders dealing in raw rubber, chemicals and other raw materials.  (KNN Bureau)