Comprehensive insurance scheme for plantations soon

The central government is in the process of launching an insurance scheme for the plantation sector, including rubber, which would cover price fluctuations among other hazards, a senior official of the central commerce and industries ministry said on Friday.

Speaking at the two-day India Rubber Meet 2016, which is being held at a resort near the state capital, additional secretary of the commerce and industries ministry Rajani Ranjan Rashmi also said that the practice of burning waste rubber was resulting in reduced availability of raw materials for the reclaimed rubber sector.

"Government of India is also in the process of launching an insurance scheme for plantation sector including rubber which would cover price fluctuations among other perils, with premium shared by central government, state governments and beneficiaries," Rashmi said.

"Reduced availability of raw materials due to environmentally hazardous practices of burning of waste rubber is an issue faced by reclaimed rubber sector," he added.

The India Rubber Meet is an annual event organised by the Rubber Board in partnership with stakeholder associations in rubber and related sectors to discuss trends and developments in India's rubber industry, which is worth Rs. 85,000 crore approximately according to official statistics