MUMBAI (Commodity Online): India's National Spot Exchange has begun spot delivery contracts for agri commodities such as soybean, chana, wheat, mustard and coriander seeds at Guna in Madhya Pradesh.
India's Minister of State Commerce and Industry, Jyotiraditya Scindia on Friday inaugurated the initiative to set up an electronic spot market in the state of MP.
On the occasion, the Minister said that Madhya Pradesh is an agricultural state with nearly 70% land under cultivation. I am very glad that organizations like National Spot Exchange are working for the benefit of the farmers, he added.
Anjani Sinha, MD & CEO, NSEL said, Our concept is to take technology to village level and enable farmers to market their produce in fair and transparent ways.
NSEL through its platform provide market information of multiple mandis which will help the farmers to know about the price prevailing at different mandis on real time basis.
We want farmers to avail online market, to take informed selling decision and realize better price for their produce. Our platform provides the flexibility to the sellers to quote their own selling price. We expect a large no. of farmers' and traders of Guna to participate on this platform, she added.
NSEL already has its presence in Maharashtra, Delhi, Rajsathan, Bihar, Gujarat, Madhya Pradesh, Karnataka, Andhra Pradesh, Orissa and shortly reaching Punjab and Haryana with more than 24 active commodities such as, Areca nut, Barley, Bajra, Castor Seed, Castor Oil, Cotton bales, Cotton Seed Wash Oil, Lemon Tur, Maize, Urad, Yellow Peas, Soyabean, Wheat, Groundnut, Guar seed, Chana, RM seed, Jeera, Guargum, RBD Palmolein.