Seperate stock market for commodities needed: Jairam Ramesh

Bangalore, Sep 10 (UNI) Union Minister of State for Commerce Jairam Ramesh today strongly advocated setting up of a separate stock market for commodities to realise the international prices for Indian farmers on their produces.

Speaking after re-launching the Futures Contract in Coffee (Robusta Cherry AB variety) at the National Commodity and Derivatives Exchange Ltd (NCDEX) here, he said the Forward Marketing Commission (FMC) would establish a separate Commodity Stock Market shortly once the Abhijith Singh Committee submit its report to the government.

Mr Ramesh said there were initial apprehension against the idea of establishing Commodity Stock Market in the country fearing skyrocketing of prices of farm products.

He said such markets would help to stabilise the agriculture system to ensure better prices to the farming community.

The Parliamentary Standing Committee on Agriculture had advocated to empower the proposed FMC on Commodities to regulate the functioning of the Commodity Stock Market on the lines of Security Exchange Board of India (SEBI), he added.

He said a Bill to establish FMC was expected to get passed in the current parliament session itself.

It would also confer statutory status to the Commodity Stock Market and the required laws and regulations would be in place by year end, he added.

UNI