MUMBAI, Dec 23 (Reuters) - India has raised import duties on natural rubber by 50 percent to curb rising imports that pushed local prices to their lowest in 3-1/2 years, the government said in a statement.
The government has fixed import duty at 30 rupees per kg, or 20 percent, whichever is lower, the statement said. India, the world's fourth largest rubber producer, was earlier charging a duty of 20 rupees per kg, or 20 percent, whichever was lower.
Domestic rubber prices hit a 3-1/2-year low of 150 rupees per kg earlier this month as tyre makers trimmed purchases from local market due to higher imports.
Indian natural rubber imports in the first eight months of the financial year that started on April 1, 2013 were 53 percent higher on year at 237,723 tonnes.
The south Asian country imports natural rubber from Malaysia, Thailand and Indonesia.
The government said the higher import duty would support nearly 1.2 million farmers dependent on the crop for their livelihood. (Reporting by Rajendra Jadhav; Editing by Anand Basu)