New Delhi, Oct 10 (UNI) To promote research, education and awareness in commodity markets, NCDEX Institute of Commodity Markets&Research (NICR) was launched today here.
NICR will sponsor research in areas which are critical in order functioning, a platform for genuine price discovery and a risk management tool.
''Besides sponsoring research, the Institute would also focus on training as there is shortage of skilled people for the burgeoning commodity sector,'' NICR Director-cum-CEO Sanjay Kaul told reporters here.
He said NICR will partner with Institute of Management and Technology at Ghaziabad and Institute of Financial Management&Research, Chennai to conduct courses on commodity and futures trading.
National Commission for Enterprises in the Unorganised Sector Chairman Arjun K Sengupta, while inaugurating NICR, emphasised the need for orderly and reliable development of commodity markets.
He strongly advocated wider farmer participation in the commodity trading platform for better price realisation for their produce.
On the occasion of its launch, NICR organised a day-long national workshop on commodity research.
Speaking on the occasion, Department of Consumer Affairs Secretary Yashwant Bhave said, ''We hope NICR would, through its research efforts widen and improve understanding of commodity markets by sponsoring multi-disciplinary research and contribute to the development of policy formulation.'' He said the workshop and research must focus on linkage between futures and spot market prices, clearing and settlement, farmer participation.
Drastic revision in the Agriculture Produce Marketing Committee Act (APMC) would allow direct procurement from farmers and bring in much needed reforms in the agriculture marketing sphere, Mr Bhave said.