In what can possibly be seen as great news for its rubber industry, India is expected to become self-sufficient in synthetic rubber with an expected three-fold jump in the production capacity in 2017. This will improve raw material supply to tyre manufacturers in the country.
At present it is estimated that most of India’s synthetic rubber requirements are met through imports. For becoming self-sufficient in its synthetic rubber, India would have to spend $1 billion less per year on imports, thereby reducing its trade deficit that stood at $139 billion last year.
Mr. Stephen Evans, Secretary-General of the International Rubber Study Group, said: “For the last many years Indian demand was way above production capability. Now with new plants going on stream, suddenly India will become self-sufficient in synthetic rubber production.”