The Indian rubber industry is currently facing a difficult period as prices go down rapidly amidst declining demand. The situation in the industry has changed rapidly in line with most other commodities, with rising prices taking a steep reversal after crude prices began to crash.
Painting a further gloomy picture of the matter, the Rubber Board has now said that the crisis was expected to continue through most of 2009 as the demand for rubber products declines amidst a deepening global economic slowdown.
The Indian rubber industry, a prominent player in economy with Rs 200-billion topline and contributing Rs 40 billion to the exchequer, also expects to loose more jobs as the problems being faced by the industry continue.