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India may not cut tax on natural rubber imports from Thailand

India may not cut tax on natural rubber imports from Thailand
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First Published: Mon, Apr 16 2007. 01 53 PM IST
Updated: Mon, Apr 16 2007. 01 53 PM IST
By Thomas Kutty Abraham/Bloomberg
Mumbai: India, the world’s fourth-biggest natural rubber producer, has no proposal to cut duty on imports of natural rubber from Thailand, the Commerce Ministry said.
Thailand, the biggest exporter of the commodity, requested India’s government for “market access” at two meetings held this month between the two nations, the Commerce Ministry said in a statement on its Web site.
“The Indian side while taking note of the request, made no commitment, whatsoever, for reduction of tariff on natural rubber,” the ministry said.
India levies 20% duty on imported natural rubber and the tire makers want the government to halve the tax to bring it on par with finished products such as tires, said D Ravindran, director general of Automotive Tyre Manufacturers Association of India.
India may import 90,000 tonnes of natural rubber in the year to March 2008, up 7% from 84,000 tonnes last year, he said.
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First Published: Mon, Apr 16 2007. 01 53 PM IST
More Topics: Money Matters | Commodities |