Union Finance Minister Arun Jaitely launched options trade in Guar Seed on the commodity exchange platform NCDEX in Delhi on the day of MakarSankranti. This is the first Agri- Commodity options in India.
The initiative, expects the Finance Minister, would ensure that the farmers will receive a better price for their commodities.
Agri-options are an important toolwhich 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, said Mr. Jaitely during his address as per the official press statement on Sunday.
Launched on the auspicious occasion of Makar Sankranti, this new hedging tool, Agri-Options:Ek Aur Kadam Kisan Pragati Ki Ore, is set to mark an important evolution in trading of agriculture commodities market, said the Minister adding, This instrument will give a strong impetus towards systematic development and transformation of commodity derivatives market in India, which will make the agri-economy more efficient and bring huge amount of value for the farmers of India.
A Mandi.com mobile application was also launched on the occasion, where farmers can learn more about agri-Options and the commodities market. Mandi.com is a pro bono half-an-hour ‘weekly show’ produced by NCDEX for National Public Service Broadcaster, DD Kisan Channel, a program dedicated to farmers’ education and awareness.