The Hindu Business Line : Pawar inaugurates commodity info centre to link State APMCs

THE Union Agriculture Minister, Mr Sharad Pawar, on Friday inaugurated the "Commodity Suchana Kendra" HUB - an initiative of Multi Commodity Exchange of India Ltd (MCX), the Maharashtra State Agricultural Marketing Board (MSAMB) and the National Spot Exchange for Agricultural Produce (NSEAP) at the Agriculture Produce Market Committee (APMC), Pune.

By pressing a button, Mr Pawar created an instantaneous linkage of 290 APMCs across the State. The Kendra will furnish national spot and futures commodity prices alongside the country's first composite Commodity Futures Index - MCX-COMDEX - on a real-time basis to all the APMCs hooked to the Pune hub, according to MCX press release.

Mr Pawar said: "NSEAP and MCX sustain their commitment for developing a national price discovery system, which will foster an exponential change in Indian agricultural markets. Electronic networking will build an integrated nationwide market, the biggest beneficiary of which will be the Indian farmer."

Close on the heels of such electronic linkages in Haryana and Navi Mumbai, and in line with the flagging off at Delhi, this move consolidates fragmented agricultural markets, in its goal of establishing a Common Indian Market through efficient price discovery.

MCX and State Bank of India will ensure a continuous information supply on agriculture and banking sectors.

Disseminating reference national-spot and futures prices on a real-time basis will facilitate an efficient and common price discovery.

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