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New Delhi, Dec 20 () Leading agri-commodity bourse NCDEX on Friday re-launched future trading in feed-grade bajra after a gap of seven years.
 Initially, the futures contract of bajra will be available for trading for expiry in January, February, March and April of 2020, it said.
 NCDEX, in a statement, further said Jaipur (Rajasthan) will be the basis centre for delivery of the commodity, while Dausa and Alwar will be additional delivery centres.
 The exchange had stopped trading in bajra futures in 2012-13 fiscal. It has re-launched it again making the contracts more aligned to the market, the exchange official told .
 Commenting on the launch, NCDEX Managing Director and CEO Vijay Kumar said: "The bajra contract is part of our effort to offer innovative products designed to meet the needs of farmers and other value chain participants."
 The stakeholders in Bajra value chain, which include farmers, millers, traders and exporters, are often exposed to price risk, NCDEX said adding that its futures contract of bajra will serve as an appropriate tool for hedging for the entire value chain.
 Bajra is mainly consumed as food and also used in manufacturing of poultry and cattle feed. It is majorly a kharif crop in North India and a summer crop in southern part of the country. The harvesting of Bajra starts from September.
 Rajasthan is the largest bajra-producing state in India enjoying a market share of about 40 per cent. Uttar Pradesh, Gujarat, Maharashtra and Haryana are the other leading producers.
 India is the highest producer of millets worldwide with an average production of about 90 lakh tonnes of bajra and has a huge potential in terms of its domestic trade.
 NCDEX offers both futures and option trading. It has large presence in agriculture commodities. LUX HRS

NCDEX re-launches bajra futures after 7-year gap

New Delhi, Mar 16 () Capital markets regulator Sebi has sought clarifications from merchant bankers of the proposed initial public offering of National Commodity and Derivatives Exchange Limited (NCDEX), which last month filed draft papers to raise an estimated Rs 500 crore. The IPO comprises a fresh issue aggregating up to Rs 100 crore and an offer for sale of up to 1,44,53,774 stocks by shareholders, according to the draft red herring prospectus (DRHP). In an update on March 13, the regulator said it is awaiting response to the clarification sought on March 12 from the lead manager of the public issue. However, details of the clarification sought for the IPO could not be immediately ascertained. The public issue is expected to raise about Rs 500 crore, including from the fresh offering of shares, merchant banking sources said. After BSE and MCX, this would be the third listing by an exchange. Build India Capital Advisors LLP, Canara Bank, Indian Farmers Fertiliser Cooperative, Investcorp Private Equity Fund I are among the selling shareholders. Jaypee Capital Services, National Bank for Agriculture and Rural Development, Oman India Joint Investment Fund and Punjab National Bank will also sell their stakes. Some of the key investors in NCDEX include National Stock Exchange of India, Life Insurance Corporation of India and National Bank for Agriculture and Rural Development. Indian Farmers Fertiliser Co-operative, Oman India Joint Investment Fund (OIJIF), Punjab National Bank, Canara Bank, Build India Capital Advisors LLP, and Investcorp Private Equity Fund I also have stakes in the exchange. The National Stock Exchange (NSE) holds 15 per cent stake in the leading agricultural commodity exchange, while LIC and NABARD have 11.10 per cent each, IFFCO 10 per cent, OIJIF 10 per cent and Punjab National Bank 7.29 per cent, among others, according the DRHP. NCDEX has proposed to utilise the net proceeds towards contribution to the core settlement guarantee fund, net worth requirements of National Commodity Clearing Limited and general corporate purposes, as per the document. The book running lead managers to the offer are ICICI Securities and SBI Capital Markets. ICICI Securities is the coordinating lead manager for the issue. The exchange offers services across the entire post-harvest agricultural commodities value chain by utilising a varied presence, which has enabled it to create a wide network of stakeholders and market participants. It also engages in research, training and building awareness in agricultural commodities market through NCDEX Institute of Commodity Markets and Research. The shares are proposed to be listed on the BSE and NSE. BJ ABM

Sebi seeks clarification on NCDEX IPO

New Delhi, Mar 27 () With demand and supply been suspended due to COVID-19 lockdown, edible oils trade body SEA on Friday urged the market regulator Sebi to take action to curb excessive speculation in castor seed futures on the NCDEX platform.In view of the coronavirus outbreak, all market yards are closed, all manufacturing units are shut, most export activities are closed. But the NCDEX castor seed futures has been hitting upper circuit since last two days on very thin volumes, it added."In the absence of the functioning of the physical market due to the COVID-19, the NCDEX futures market is being driven by speculators without any correlation to the physical market fundamentals," Solvent Extractors Association of India (SEA) Executive Director B V Mehta said in a letter to the Securities and Exchange Board of India (Sebi).To protect the sanctity of the market, the industry body said the Sebi should take suitable action as in the current conditions, the futures market is completely unlinked to the physical market. "Suitable action may be taken for orderly development of futures market, till the physical market resumes normal operations. We request you to please take necessary action on an urgent basis," Mehta said.More than 80 per cent of the castor oil produced is exported. For the market to function, it is important that all the participants, including people, actually connected with the trade participate fairly in the market, it added. LUX BALBAL

Trade body demands Sebi action to curb speculation in castor seed futures

New Delhi, Feb 1 () Cottonseed oil cake prices on Saturday edged up by 2.13 per cent to Rs 1,821 per quintal in futures trade due to accumulation of positions amid upbeat trend in spot market.
 The National Commodity and Derivatives Exchange (NCDEX), which usually remains closed on weekend, was open for trading on Saturday on account of the presentation of the Union Budget.
 On the NCDEX, cottonseed oil cake contracts for February delivery rose by Rs 38, or 2.13 per cent, to Rs 1,821 per quintal in 53,760 lots.
 Cottonseed oil cake for delivery in March went up by Rs 43, or 2.39 per cent, to Rs 1,839 per quintal in 60,000 lots.
 Marketmen said raising of positions by participants amid rising demand from cattle-feed makers mainly influenced cottonseed oil cake prices here. VHP RUJ
RUJ

Cottonseed oil cake futures rise over 2 pc on spot demand

Jaipur, Jan 20 () Rajasthan Chief Minister Ashok Gehlot on Monday urged the Centre to remove bottlenecks in the export of guar gum, often used as a thickening agent in food production, besides opening a national level research centre in the state.
 Gehlot has written a letter to Union Commerce Minister Piyush Goyal specifying that Rajasthan is a major producer of guar gum but has seen its international market price fall sharply due to newer replacements in the industrial sector.
 The income of guar producing farmers in the state has come down and many have stopped its cultivation, he said in the letter.
 As a result, adequate research is needed to increase the farmers' income apart from widening the use of guar gum, the letter stated.
 The chief minister urged Goyal to formulate a plan for the research and development of guar gum and pointed out that the state government has also allotted land in Jodhpur district for this purpose.
 Gehlot said with the linking of trading guar gum to NCDEX, there is uncertainty in its trading on the exchange. Farmers producing guar do not get any benefit and it would be appropriate to take out the Guar Gum Refined Split from the exchange platform.
 National Commodity &amp; Derivatives Exchange Limited (NCDEX) is an online commodity exchange that provides a platform for market participants to trade in commodity derivatives. AG HDA

Rajasthan CM urges Centre to ease restrictions in export of guar gum

New Delhi, Feb 12 () National Commodity and Derivatives Exchange Limited (NCDEX) has filed its offer document with markets regulator Sebi for an initial public offering. The IPO comprises a fresh issue aggregating up to Rs 100 crore and an offer for sale of up to 1,44,53,774 equities by shareholders, according to the draft red herring prospectus (DRHP). The issue is expected to raise Rs 500 crore, including fresh offering, merchant banking sources said. The selling shareholders include Build India Capital Advisors LLP, Canara Bank, Indian Farmers Fertiliser Cooperative Limited, Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III), Jaypee Capital Services Limited, National Bank for Agriculture and Rural Development, Oman India Joint Investment Fund and Punjab National Bank, it said. The exchange proposes to utilise the net proceeds towards contribution to the core settlement guarantee fund (Core SGF) and towards net worth requirements of National Commodity Clearing Limited (NCCL) and general corporate purposes, as per the document. The book running lead managers to the offer are ICICI Securities and SBI Capital Markets. National Commodity and Derivatives Exchange is a leading agricultural commodity exchange in India. The exchange offers services across the entire post-harvest agricultural commodities value chain by utilising a varied presence, which has enabled it to create a wide network of stakeholders and market participants. It also engages in research, training and building awareness in agricultural commodities market through NCDEX Institute of Commodity Markets and Research. Some of the key investors include National Stock Exchange of India, Life Insurance Corporation of India, National Bank for Agriculture and Rural Development, Indian Farmers Fertiliser Co-operative, Oman India Joint Investment Fund, Punjab National Bank, Canara Bank, Build India Capital Advisors LLP, and Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III). The shares are proposed to be listed on the BSE and NSE. SUM ANSANS

NCDEX files offer document for IPO

New Delhi, Feb 1 () A commodity transaction tax (CTT) will be imposed on trading on commodity indices as well as options in goods with effect from April 1, 2020, according to Budget documents.
 Recently, the NCDEX and the MCX launched commodity indices but trading has not yet been allowed by markets regulator Sebi. On January 16, Sebi had allowed stock exchanges to launch options in goods in the commodity derivative segment.
 In the Budget 2020-21 documents, the government said it proposes to amend the Finance Act 2013 to charge CTT on the new commodity derivative products.
 According to the proposed amendments, CTT will be imposed on trading in commodity indices. It is chargeable at 0.01 per cent payable by the seller, which is the same rate at which CTT is currently charged on sale of futures.
 The commodity transaction tax will also be imposed on options on goods. It is chargeable at 0.0001 per cent payable by purchaser where option is exercised resulting in actual delivery of goods, which is the same rate at which CTT is currently charged on options on futures.
 CTT on new commodity derivative products are proposed at a time when the industry has been demanding scrapping of it on agriculture commodities. LUX MJH HRS

CTT on commodity indices and options in goods proposed

When I was told about the ‘ICICI <keyword id="50691" type="COMPANY" weightage="20" keywordseo="Digital">Digital</keyword> Village’ at <keyword id="3896834" type="UNKNOWN" weightage="20" keywordseo="akodara">Akodara</keyword> in <keyword id="48360" type="CITY" weightage="20" keywordseo="Sabarkantha">Sabarkantha</keyword> district of <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, I was skeptical, because of two reasons: one, How is a ‘digital village’ possible with the lack of infrastructure? and two, when the cities are still cash economies with structured formal sectors, how can a single village be the exception? 
 
My answers were answered on a quick day trip to the village where we actually saw cashless transactions take place smoothly, similar to how things take place in the city. 
 The village was dedicated to the nation by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> in January 2015 to commemorate <keyword id="233016" type="COMPANY" weightage="20" keywordseo="ICICI-Group">ICICI Group</keyword>’s 60 years in India. 
This was done to enable villagers to use technology in various aspects of life including banking, payments, education, among others. 
 
Here, Wi-Fi connectivity is available across the village where transactions as low as Rs. 10 take place on phone through SMS and the Internet. The wifi tower stands tall in the middle of the village. 
 
The objective for this was simple; to show that technology can be used to eliminate barriers that separate rural and urban India. 
 
<a href="http://www.businessinsider.in/ICICI-Bank-to-transform-100-villages-into-Digital-Villages-in-100-days/articleshow/55666437.cms">ALSO READ: ICICI Bank to transform 100 villages into ‘Digital Villages’ in 100 days</a> 
 
So how was it done? 
 First, every adult villager was encouraged to open a <keyword id="6355272" type="CITY" weightage="20" keywordseo="Bank">bank</keyword> account to enable savings and a cashless habit. 
The Bank uses tab banking to open savings bank account which allows customers to open accounts without submitting physical documents. The accounts are being serviced by a dedicated branch and an ATM which did not have a queue when we visited it! 
 
Various cashless transactions are facilitated through Debit Cards, SMS Banking, Online Banking, Cashless Payment Processing and other modes. 
 
The villagers' accounts are also being linked to Aadhar to enable direct transfer of government benefits into savings accounts. 
 
How is it enabled? 
 
<a href="http://www.businessinsider.in/MobiKwik-launches-a-light-lite-app-to-integrate-all-Indians/articleshow/55662642.cms">The cashless economy needed end-to-end payment solution </a>leveraging Rupay cards and SMS banking at the village shops, at the market for the sale of agri-produce and at the cooperative society for sale of milk. All of that was done with the help of the local government in association with the bank. 
 From enabling farmers to access the latest information on prices of agricultural commodities on <keyword id="35258" type="CITY" weightage="20" keywordseo="NCDEX">NCDEX</keyword> to establishing a water treatment plant to provide clean water to the villagers, all the resources were matched in level to the digital offering to create overall development. 
 
The result? 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-Mobikwik-is-willing-to-partner-with-e-wallets-like-Paytm/articleshow/55667167.cms">All earning adults carry minimum cash, get daily payments in their bank accounts</a> and pay instantly for any service. 
What technology has done here is magnificent, if only the same model could’ve been implemented everywhere in the country overnight, to ease the pains of what this unplanned demonetization move has caused, particularly in the rural areas.

India is struggling with the effects of
demonetization while this Digital Village is blooming

India's largest steel-makers' association has urged the government to extend a relief package to the iron and steel sector, as most companies are likely to default on their loans. 
 The <keyword id="2490974" type="UNKNOWN" weightage="100" keywordseo="Indian-Steel-Association">Indian Steel Association</keyword> (ISA), which represents India's biggest private steel producer JSW Steel Ltd and largest public-sector steelmaker Steel Authority of India Ltd, said a large number of loans to companies were under stress and could turn into non-performing assets. 
The association urged the Indian government to dole out a special steel package offering flexibility on payment of their debt. 
 
The average operating profit margin of all steel companies in India dropped by over 40 percent in the October-December quarter, the association said in a statement on Tuesday. 
 The <keyword id="55611" type="ORGANIZATION" weightage="100" keywordseo="Indian-steel">Indian steel</keyword> industry, with a total installed capacity of 110 million tonnes per annum built at huge borrowings from banks, has been hit hard due to cheap imports from China and falling steel prices globally. 
 
Total steel imports in India rose 24.1 percent between April 2015 and January 2016, compared with the same period a year earlier, mainly due to a rise in imports from China, according to data released by India's steel ministry earlier this month. 
 
That also led to a drop in prices of steel products, according to data from NCDEX Ltd, India's second-biggest commodity exchange. 
 
With excess capacity flooding the Indian market, domestic steel producers have cut production and prices, a move that has hurt their ability to generate enough operating profit to service their debt and working capital, ISA said. 
 
Addressing repeated demands of the steel industry, the government on Feb. 6 imposed a minimum import price on 173 steel products flowing into India. 
 
But that would not be enough to address financial stress in the system, after the "severe erosion" in the operating profit margin of Indian steel-makers, the ISA said. 
 
A steel ministry official told Reuters on the condition of anonymity that the government would not want financial stress in the sector to hurt production of local makers, but declined to comment on whether the government would offer a relief package. 
 
<a href="http://glocdn.investing.com/news/LYNXMPEB0D05J_L.jpg">Image source</a>

Steel makers in India want desperate help from the Government!

As rainfall in the first half of the key crop planting month has been 13% higher than the average, traders are now betting on lower prices of edible oils, pulses and spices, bringing good news for the common man. 
 
The surge in monsoon rain recently has triggered a sell-off and lower prices for futures contracts in NCDEX, the country's premier exchange for agricultural commodities. 
 This was not the trend earlier as in the beginning of the month, the <keyword id="6355166" type="ORGANIZATION" weightage="100" keywordseo="India-Meteorological-Department">India Meteorological Department</keyword> (IMD) said rainfall in the season would be 12% below normal, worse than its April forecast of a 7% deficit. Afutures market allows a person to buy or sell an asset at a predetermined price for delivery on a future date. 
 
Economic Times reported expectations of low farm output and consequent rise in inflation reflect in bullish bets in the market, while prospects of a good harvest after adequate rain lead to fall, which the market saw on Monday. Experts say prices can swing sharply in the months ahead. 
 
Also, price movements will depend on the progress of the monsoon. The wholesale price of chana for delivery on July 20 was Rs 44.88 a kg on Monday, down 8% this month. In the same period, coriander dropped 9%, Jeera 11.35%, chilli 6.9%, sugar 5.2%, mustard 4.2% and wheat 1.5%. 
 
"The markets, which earlier this month tried to form an upper band of prices (when fears of rain shortfall loomed) is now trying to create a lower band for prices," Viral Shah, senior Vice-President, Geofin Comtrade, told ET. 
 
"From pulses to oilseeds and spices to food grains, everything fell on Monday after the IMD report on monsoon. The futures market indicated that the wholesale spot price had fallen between 1.5% and 11% for all these commodities from June 1,” he added. 
 
However, the financial daily reported that experts warned of volatility in prices as stockists and traders, both in spot and futures markets, act based on the weekly reports of monsoon progress by IMD every Thursday. 
 
(Image: Indiatimes)

Traders ride on surge in monsoon rains, bet on lower rates of edible oils, pulses

A year after Forward Markets Commission (<keyword id="92906" type="COMPANY" weightage="20" keywordseo="FMC">FMC</keyword>) was merged with <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword>), the latter allowed commodity derivative exchanges to launch options contracts for trading. The objective was to provide more variety of hedging instruments, increase liquidity and attract more investors to the commodities market. 
 
Earlier, only futures on commodities were allowed to trade on the exchange. Now commodities exchanges will also be able to launch commodity options products. Launch of options will increase the risk management alternates for market participants. 
 
The impact of commodity price volatility on different stakeholders can be very high in India. Especially in the agricultural sector we have seen severe human consequences of this as well. Crop insurance is helping to offset some of the challenges. However it largely covers risks like loss of crop but does not cover the price risk that farmers are exposed to. Imagine a farmer who can hedge his/her produce in the options market before the growing season by paying a premium and buying a put option (an option to sell produce at a pre-defined price on a future date by paying a fixed premium now). This will ensure that the farmer gets a guaranteed minimum price for his produce. Given that is an option and not an obligation the farmer can choose not to exercise the option and sell his produce at a higher price if the market price is higher when he harvests the crop. This creates a floor for prices and removes a lot of risks while still allowing the farmer to benefit from the upside in case the prices increase. This is a simple instrument which can hedge the risk with a one-time payment and unlike futures does not involve complex daily mark to market/ margin management etc.. 
 
The Minimum Support Price by government for some agri-products also ends up playing a similar role. However, it is not as cost effective and not driven based of efficient market dynamics. 
 
Similar positive impact will pan out for manufacturers and consumers who have significant raw material risk. Option trading will increase their ability to hedge against this risk. Whether it is an airline company hedging price of Jet fuel or a steel mill hedging price of iron or coal, they can focus on their core business rather than worrying about the impact of input price changes etc. 
 
Before an option on commodities can be launched, each exchange will have to get approval from SEBI. SEBI is yet to detail out how these will be managed and some of the key open questions are around how will ‘options exercise’ be managed. There are typically 3 methods – cash delivery, physical delivery or delivery into futures of the underlying commodity. Indian equity options are primarily cash settled however in the commodities world physical delivery or delivery into futures are more common models Delivery into futures or cash settlement makes management of options easier. Financially settled contracts reduce expenses and can streamline operations. It may also help broaden the market participation as folks do not have to worry about the physical delivery. On the other hand, adding support for efficient physical delivery will go a long way in maturing the markets and ensuring appropriate price discovery. Another key item to look out for will be:- what kind of options are allowed. Will it be European Options that can be exercised only on maturity date or American Options that can be exercised on any date? Also expect to see some stringent norms for options writers as they will have to manage a bigger risk. One would expect options to first start from more liquid products like Gold and Crude Oil and slowly move to other categories. Getting it to agricultural markets may take a little longer because of the delivery challenges. Lack of warehouse infrastructure is a bottle-neck and continued focus on that from both central and state governments is helping bridge the gaps. Warehousing regulation, registration, support for electronic negotiable warehouse receipts etc. can go a long way in building an ecosystem to manage the physical product, improve collateral management, and reduce risk of poor quality and physical delivery default. Rollout of Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (GST) will also help with cross state trading and ease some of the capacity to manage physical delivery. 
 
Accessibility of farmers to this platform may be a challenge. It will be interesting to see if any of this gets tied to the eNAM (electronic national agricultural market) to create a common platform for interfacing with farmers at the mandis. Another idea would be to allow financing players like rural banks, micro finance service firms etc. to facilitate sale of these products along with crop insurance or crop financing. 
 
Market participants will also be eagerly waiting to hear more from SEBI on its intent to allow more products in commodity trading. Recently, products like diamond, cocoa, pig iron etc. were also added to the approved list. There is a long outstanding demand to allow trading in commodity indexes, weather derivatives etc. and participants having been hoping for change in rules for these. Market is also keen to know whether asset managers, banks and mutual funds etc. will be allowed to participate in options trading. This can help increase liquidity and make the markets more robust. 
 <keyword id="162817" type="ORGANIZATION" weightage="20" keywordseo="Multi-Commodity-Exchange-of-India-Ltd">Multi Commodity Exchange of India Ltd</keyword> (MCX) and <keyword id="3990106" type="ORGANIZATION" weightage="20" keywordseo="national-commodities-exchange">National Commodities Exchange</keyword> (<keyword id="35258" type="CITY" weightage="20" keywordseo="NCDEX">NCDEX</keyword>), the two largest commodities exchanges in the country expect to launch options contracts in the first quarter of 2017. As options are cheaper to trade and provide higher leverage compared to futures, this should lead to some short term revenue cannibalization. There could be some hiccups due to decrease in revenue initially, as some participants move from futures to options. However, in the long run with increased participation, this should be a big positive for the exchanges and brokerages. 
 
Overall this move will increase the depth of the market, provide more cost effective hedging options and ensure liquidity for various participants including farmers and SMEs. 
 
(This article is authored by Aditya Gandhi, Director- Technology, Sapient Global Markets)

Indian commodity options: Just the right dose for the markets

New Delhi, Dec 17 () The government should remove GST on agri-inputs, revamp crop insurance scheme, land lease rental while fixing MSP and ban futures trade on agri-commodities are some of the suggestions made by farm experts during pre-budget meeting with the Finance Minister on Tuesday.
Measures to promote organic farming, cut in import duty from 30 per cent to zero on live embryo, animal and semen, tweaking of electronic National Agriculture Market (e-NAM) and revisiting of Food Security Act were some other recommendations made during the meeting, headed by Finance Minister Nirmala Sitharaman.
This is the fourth pre-Budget meeting on agriculture and agro-processing sectors. Already, consultations with IT/start-ups, financial sector and industry have been held.
"There should be zero GST on every farm inputs such as fertilisers, seed and agri-equipments," Bharatiya Kisan Sangh's (BKS) Dinesh Kulkarni told reporters after the meeting.
He also said there should be no futures trading in agri-commodities as it does not benefit either consumers or farmers. He also urged the government to increase procurement of various crops at the minimum support price (MSP).
Bharat Krishak Samaj Chairman Ajay Vir Jakkar demanded that the Pradhan Mantri Fasal Bima Yojana (PMFBY) should be replaced with new crop insurance and compensation scheme or a set up a farmers disaster and distress relief commission.
He also said the government should reduce GST on processed food and dairy products to 5 per cent.
National Dairy Development Board Executive Director Arun Raste said, "We want import duty on live embryo, animal and semen to be reduced to zero. The government should also expedite implementation of National Dairy Plan (NDP-II) at the earliest and make a budgetary provision".
The NDP-II, which aims to boost productivity in dairy sector, is estimated to cost USD 1 billion, of which 50 per cent will be borne by the World Bank and 30 per cent by the Centre and remaining 20 per cent by NDDB.
Consortium of Indian Farmers' Association (CIFA) Secretary General B D Rami Reddy said the government should consider lease rental cost while determining MSP for crops as recommended by the Swaminathan Commission.
Other stakeholders pitched for building brands of Indian agricultural products abroad, accelerate depreciation benefit to agri-processing industry, encourage development of farm eco-system services and market intelligence systems.
They also recommended development of agro-medicinal forestry, crop diversification, revisiting of Food Security Act, extending subsidy to producers of green manure, bio-fertilisers and bio-pesticides besides steps for promoting large scale production of compost by utilisation of urban solid waste.
The farm experts also felt the need for expansion of multi-dimensional research in agriculture sector for development of new technologies and further suggested for promoting start-ups in institutes of the Indian Council of Agricultural Research (ICAR) and agriculture universities for young students.
The meeting was attended by Minister of State for Finance Anurag Thakur and senior officials from finance, agriculture, consumer affairs, food processing, animal husbandry ministries as well as Niti Aayog. 
There were representatives from National Cooperative Union of India, South Indian Sugarcane Farmers Association, Kisan Foundation, IFFCO, All India Spices Exporter Forum, NCDEX, Indian School of Business, Irrigation Association of India, National rainfed Area Authority (NRAA) and NABARD among many others. MJH LUX CS LUX BAL
BAL

Pre-budget meet: Agri-experts demand scrapping GST on agri-inputs, revamp of PMFBY

New Delhi, Feb 1 () Agri experts and industry players on Saturday gave a mixed reaction to the budget proposals, saying the government did not announce any major structural reforms to increase farmers' income.
 Farmers' body India Kisan Sangharsh Coordination Committee (AIKSCC) called a nation-wide protest on February 13 to protest against the "pro-corporate" budget.
 Industry players observed that the government failed to bring reforms in the Essential Commodities Act. There were few schemes to spur private investment and capital formation in the agriculture space.
 However, fertiliser cooperative major IFFCO welcomed proposal of exempting cooperative societies from minimum alternate tax and also bringing tax rate for cooperative societies to 22 per cent from 30 per cent.
 "These steps will indeed help the cooperatives to work in a dynamic manner and can bring more innovations for the farmers of country," IFFCO Managing Director U S Awasthi said in a statement.
 Hailing the Budget, National Dairy Development Board (NDDB) Chairman Dilip Rath said: "18 per cent increase in allocation of funds to Animal Husbandry and Dairying sector to Rs 3,289 crore for the 2020-21 fiscal as against the revised budget estimate for 2019-20 is remarkable which recognizes that dairy sector is increasingly becoming an important sector for the economy, especially for the rural areas."
 The measures announced will help sustain growth of milk production by more than 6 per cent and also reinforces the intent of the government that the dairy sector continues to play a stellar role in realising the goal of doubling farmers' income, he added.
 Stating that the budget was a "mixed bag" for agriculture, the Federation of Seed Industry of India (FSII) Director General Ram Kaundinya said it is "disappointing" to note the continued emphasis on Zero Budget Natural Farming (ZBNF) as a panacea for farmers.
 "While the FM said that they wanted to make the Indian farmer competitive, she did not talk anything about using modern science and technology in seeds, increasing farm mechanization and other inputs which are essential for this," he added.
 Edible oil industry body SEA said it was expecting at least this year the government will come out with a package of incentives for higher production and productivity of oilseeds to reduce our dependence on import of edible oils.
 NCDEX MD &amp; CEO Vijay Kumar said allocation of Rs 2.83 lakh crore to agriculture, irrigation and rural development will provide impetus in re-energizing the sector.
 For DCM Shriram Chairman and Senior Managing Director Ajay Shriram, it was a "balanced budget" which has tried to move the needle in different areas while maintaining the fiscal prudence.
 NCML Chairman Sanjay Kaul said this is a refreshing change from the previous budget which had limited new schemes for agriculture.
 However, the agri-industry would be disappointed with no reforms announced in the Essential Commodities Act and minimal schemes to spur private investment and capital formation in the agri space, he said.
 Ajay Kakra of PwC India said, "Systematic coverage of agriculture sector through the 16-point agenda reflects an definite intention to bring fundamental development in agriculture and allied sector. Covering allied sector and important thematic areas can surely work towards aspirational agenda of the government."
 Cargill India President Simon George said, "Agriculture being the backbone of the nation it would be significant to see how the government would push the Krishi Udaan on not just national but international routes and enabling agri and farmers to be part of the global value chains, providing enormous value addition for farmers and the economy."
 LT Foods Ltd Managing Director and CEO Ashwani Arora said the government's efforts to provide impetus to the agri sector are "laudable" but one key area which remained untouched was the direct benefit to companies working in the area of agri-extension and directly engaging with farmers to educate and enhance their knowledge on advancing technologies.
 "We were also hoping for subventions and incentivisation to agri-export companies. Both these were seemingly left out," he added.
 Farm machinery maker CLAAS Managing Director Mrityunjaya Singh said: "Adoption of Model agricultural laws, agricultural credit availability of 15 lakh crore and allocation of 2.83 lakh crore will encourage farmers to adopt latest farming machinery and technology. This will upskill the farming sector in India."
 SLCM Group CEO Sandeep Sabharwal said it's a "Kisan friendly, while KisanKraft Ltd MD and founder Ravindra Agrawal said it was "mixed bag".
 "For achieving the goal of doubling the farmer's income, training farmers on best package of practice, MSP revision is necessary," he said.
 Netafim Agricultural Financing Agency Pvt CEO Prabhat Chaturvedi said, "NABARD initiative to create an e-portal of geo-tagged, WDRA-compliant warehouses, integrated with eNAM, is a welcome step, which will help in better prices as well as warehouse-receipt financing for farmers."
 SourceTrace Vice President Marketing Om Routray said: "The budget has been favourable thus far towards agriculture and allied sectors. There is a good focus on using technology to develop agriculture in India."
 Aadvik Foods Co-founder Shrey Kumar said: "Overall the budget looks positive towards start-ups and improving the logistics and infrastructure of the agriculture segment."
 The setting up of cold chain infrastructure in the country is much needed and it is good to hear that government is planning to improve the same, Kumar added.
 Garware Technical Fibres CEO Shujaul Rehman said, "Sagar Mitras is an appreciative initiative for rural youth in fisheries. Thus fish farming is now a thriving sector and we see the sector GDP and turnover graph ascending with time."
 World Gold Council India Managing Director Somasundaram PR said: "Measures to boost farmers' income and reduce taxes for the middle class will boost purchasing power and consumer confidence, which will benefit jewellery industry as well." LUX MR

You Searched For "NCDEX" and got 13 results

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