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Wednesday, May 26, 2010

Govt announces Rs 95 lakh relief for rubber growers

The Commerce and Industry Ministry today announced financial assistance of Rs 95 lakh for about 19,000 rubber growers in the country during the current financial year.

Under the Price Stabilisation Fund scheme, the ministry provide financial relief to growers when the prices of tea, coffee and rubber fall below a specified level.

"On the basis of price spectrum band 2009, 18,915 rubber growers would receive financial assistance of Rs 95 lakh during 2010-11," a statement said.

The average domestic price for rubber was Rs 97.56 a kg during 2009 and it was a 'normal year' for the commodity.

Tea and coffee growers did not get the assistance as it was a 'boom year' for them (based on a price analysis of the commodities during the past seven years).

The annual average domestic price for tea was Rs 102.83 per kg during 2009, while the average price for 'coffee arabica' was Rs 175.32 per kg. This led to the year being categorised as a 'boom year' for these products.

The Rubber Board has projected natural rubber production at 8.93 lakh tonnes in 2010-11 fiscal against 8.31 lakh tonnes in the previous fiscal, while consumption is expected to rise to 9.78 lakh tonnes from 9.3 lakh tonnes last year.

Rubber is mainly grown in southern India.

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