Rubber is a natural resource which is harvested from the bark of a tree. This tree is planted in various parts of India. The rubber industry is thriving due to the demand for rubber. India is the third largest producer of rubber. Rubber is being used for the manufacture of various products. Also, people make use of different rubber products in their day to day life. Rubber is also used in the production of several industrial components. Thus the future of rubber industry seems to be bright in India.
There is a considerable demand for industrial rubber in recent years. This is due to the development of the industrial sector. The GST reforms have helped various industrial sectors, and this led to the growth of the rubber industry in India. The Make India and Skill India movement of the UPA government have also indirectly influenced the growth of the rubber industry. The current growth rate of the rubber industry is nearly 10%. Currently, the rubber industry is contributing its products to several other sectors like Railway, Agriculture, Food Processing, Healthcare, etc. Almost ninety percent of the rubber manufacturing units are MSME, i.e. small sector manufacturing industries. Thus it is the MSME that contributes to the economy of our country. These MSME also takes control of nearly 40% of exports of rubber products. The rubber manufacturing industry offers job opportunities to nearly two millions of people in India. The turnover records of the rubber industry seem to be impressive. India rubber is globally accepted as its quality meets the export standards.
Future of Rubber Industry
Rubber industry possesses a lot of potential for growth if the government policies are correctly implemented. It is about to reach a target of Rs.80,000 crore. The per capita consumption of the rubber is low as it is only 0.8 to 1kg. The per capita consumption of rubber in other countries seems to be too high. Thus there is an excellent potential for the growth of the rubber industry in the future. It is also essential to address the challenges that may hinder the growth of the rubber industry. Increased imports of rubber seem to be alarming and specific measures should be taken to avoid the downfall of the industry.
The above information offers a clear insight into the future and opportunities of the rubber industry in India.
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