Govt working on new National Rubber Policy: Suresh Prabhu

Union minister for commerce and Industry and Civil Aviation Suresh Prabhu Thurday said the government is developing a National Rubber Policy to address various issues concerning the sector. The policy by the commerce and industry ministry will address issues that will boost productivity, the minister said at the inaugural function of the 10th edition of India Rubber Expo 2019, here, according to a statement.

He said the rubber industry will continue to grow faster, create more employment opportunities, increase exports and add to the economic output of India. Stating that India will become a 5 trillion dollar economy in the next few years, Prabhu said the share of manufacturing sector es expected to add 20 per cent to this and the rubber industry can make a significant contribution to this.

A multi-pronged strategy is being formulated to boost India's exports, he said adding that during the last 13-14 months, India's exports have grown at 10 per cent, despite the slowdown in the global economy. The government is working towards entering into free trade agreements with Africa and Latin America, where the first priority is the benefit of Indian industry, he added. 

(With inputs from agencies.)