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Indian rubber industry will continue to grow faster, should leverage technology and compete with global players: Commerce Minister
Union Minister for Commerce & Industry and Civil Aviation, Shri Suresh Prabhu has said that the Ministry of Commerce & Industry, Government of India is developing a National Rubber Policy to address various issues concerning the sector, with a view to boost productivity. He was speaking at the inaugural function of the 10thedition of India Rubber Expo 2019, in Mumbai today.
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He stated that the rubber industry will continue to grow faster, create more employment opportunities, increase exports and add to the economic output of India. The Minister further said that India’s rubber industry has deep impact on several global markets; with the help of advancements in technology, it should compete with global players, he added.
Stating that India will become a 5 trillion dollar economy in the next few years, Shri Prabhu said that the share of manufacturing sector will to this growth will be 20%, and that rubber industry in particular can make a significant contribution to this. He said that efforts are on so that India’s products get market access in more than 150 countries.The Minister informed that a multi-pronged strategy is being formulated to boost India’s exports. He said that during the last 13-14 months, India’s exports have grown at 10%, despite the slowdown in the global economy. He added that new markets and products are being targeted. Shri Prabhu stated that 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 said that a new template for such agreements has been prepared in consultation with the industry; three independent organizations have been appointed who would interact with industry and give feedback in steering the negotiations.India Rubber Expo (IRE) is currently Asia’s largest Rubber Exhibition and provides a unique opportunity for Indian companies to meet under one roof, showcase new technologies, share information, plan growth strategies and network with overseas companies.