New Delhi: In a significant step in the direction of agricultural trade that is expected to ensure that the farmers receive a better price for their commodities, the union government has launched the country’s First Agri-commodity Options Contracts in Guar Seed.
The Union Finance Minister, Mr Arun Jaitley who launched the initiative said that National Commodity and Derivatives Exchange Limited (NCDEX) Agri-options are an important tool which will contribute to the Prime Minister’s vision of doubling the farmers’ incomes by 2022. The Finance Minister said that the Guar seed is a major contributor to revenue generation, hence making it a suitable commodity to start with for Options. The Finance Minister congratulated the NCDEX for this initiative.
NCDEX also launched Mandi.com, a mobile app for farmers where they can learn more about Options and the commodity markets. For a commodity trader or member of a Farmer Producer Organization( FPO), this would be an additional tool to hedge price risk and optimize profits.