Kottayam: The Government of India has included branded ‘Indian Natural Rubber’ in the Market Linked Focus Product Scheme (MLFPS). According to the Foreign Trade Policy amendment by the Ministry of Commerce and Industry on June 05, 2012, branded NR would be incentivised and entitled to duty credit scrip equivalent to 2 per cent. Indian NR has been included as 147th item in the MLFP scheme.
According to a release from the Rubber Board, Government of India is implementing various measures to promote export competitiveness. Under the MLFP Scheme export of products, sectors of high export intensity or employment potential would be incentivised at 2 per cent of Freight On Board (FoB) value of exports in free foreign exchange when exported to the linked markets, which are not covered in the present Scheme. As per the revised policy announcement, the credit scrip shall be permitted for payment of excise duty in domestic procurement. Indian Natural Rubber exported to Malaysia, China, Turkey, Brazil, Belgium, Italy, Spain, Germany, Sri Lanka, Bulgaria, Austria, Korea, Mexico, Israel, Singapore, Indonesia, Portugal, Argentina, Australia and the USA will be incentivised at 2 per cent of the FoB value of the exports.
The Kottayam based Rubber Board is promoting export of rubber from India to adjust temporary demand-supply imbalances and to maintain the domestic price at a comparable level with international markets. Branding of natural rubber is a first of its kind concept promoted by any of the rubber producing countries.
Kerala Biz News