STOCK MARKET BSE NSE

NCDEX Welcomes Rs 200 Cr Central Sector Scheme in Eco Survey

NCDEX welcomed Centre\'s decision to approve a Rs 200 crore Central Sector Scheme for promotion of national agricultural market.

Published: 27th February 2015 08:30 PM  |   Last Updated: 27th February 2015 08:30 PM   |  A+A-

By PTI

MUMBAI: National Commodity & Derivatives Exchange Ltd (NCDEX) today welcomed the Centre's decision to approve a Rs 200 crore Central Sector Scheme for promotion of national agricultural market.

"Our efforts to develop the primary markets in the country have found recognition in the Economic Survey, 2014-2015. We welcome the Government's decision of approving a Rs 200 crore Central Sector Scheme for promotion of national agricultural market," NCDEX said in a statement here.

Recognising the fragmented and distortion ridden agricultural market as the one of the most striking problems in agriculture growth, Department of Agriculture (DAC) has issued a comprehensive advisory to states to go beyond the provisions of Model Act and declare the entire state a single market with one license valid across the entire state.

The government has also lauded the "Karnataka Model", which is an initiative of Rashtriya e Markets Ltd - a JV between NCDEX e-Markets Ltd (erstwhile NCDEX Spot Exchange Ltd) and government of Karnataka, as an exemplary example of single market.

The Unified Market Platform (UMP) in Karnataka has been lauded for integrating all the mandis in the state into a single licensing system, the release said.

"With states being encouraged to adopt a single market model, allowing participation from consumption centres across the country, the vision to create a unified agricultural market would soon become a reality.

We remain committed on bringing the efficiencies of the financial market to the physical markets, enabling even the smallest farmer to get access to a wider market and enjoy benefits of transparent price discovery," NCDEX MD & CEO Samir Shah said.

Karnataka has over 50 mandis in the state, which are integrated under one platform. The UMP brings best global practices to offer risk management and trade fulfilment processes for spot markets in the state.

The initiative is rooted in the implementation of Mandi Modernisation program (MMP) by NCDEX and Karnataka government, which started in Gulbarga in 2011.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp