Introduction
However, since the economic reforms of 1991, the sector has encountered heightened price volatility due to its integration into the global market. Previously, NR operated within a regulated framework, benefiting from tariff protection and domestic market regulations. The shift towards global market dynamics, reduced import duties, and increased competition from other NR-producing nations have presented numerous challenges to the sector's performance in the domestic market.
Role of Natural Rubber in the Economy
Despite occupying a mere 0.4% of the country’s gross cropped area, natural rubber contributes significantly to India’s GDP, constituting 0.64% as of 201819. Its contribution to the manufacturing GDP, at 3.63% in the same period, underscores its importance in the socio-economic development of the nation (A Sajitha, Economic and Political Weekly, February 4, 2023).
Challenges Faced by NR Production and the Rubber Industry
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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