Rubber growers get Rs.95 lakh assistance for 2010-11

May 26th, 2010 - 3:06 pm ICT by IANS  

New Delhi, May 26 (IANS) The government Wednesday said 18,915 rubber growers will receive financial assistance of Rs.95 lakh this financial year.
The growers will receive the amount on the basis of price spectrum band 2009, calculated on the basis of seven years’ moving average of international price for the commodity.

The amount has been provided under the price stabilisation fund scheme, which was launched by the commerce ministry in April 2003 with the aim to provide financial relief to tea, coffee, natural rubber and tobacco growers when the prices of these commodities fall below a specified level.

The scheme is based on the principle of contribution from the growers and from the government depending upon boom, normal and distress years. During the distress year, the growers can withdraw from the scheme.

The annual average domestic price for rubber was Rs.97.56 per kg during 2009 and it was a normal year for rubber, an official statement said.

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