Eman Kalyan Gosh, Chief Executive Officer (CEO) AMICO Netcom India Limited (standing) with Anjan Mandal, Head-Agriculture ICEX at the commodity trading awareness programme. (Morung photo)
Dimapur, February 22 (MExN): In yet another attempt to revive the ginger market in Nagaland, Indian Commodity Exchange (ICEX), a screen based on-line derivatives exchange for commodities, has announced its decision to launch a ‘ginger contract’ with Nagaland in the month of May. Eman Kalyan Gosh, Chief Executive Officer (CEO) AMICO Netcom India Limited, a commodity broker company also announced its decision to buy ginger from Nagaland. The company CEO announced it will place an order of 10 MT within the next fortnight.
The futures trading exchange ICEX made this announcement at a commodity trading awareness programme in Dimapur today. Anjan Mandal, Head-Agriculture ICEX said that the exchange is currently studying the ginger market in Nagaland and issues confronting the market.
Madan announced that the mode of contract will be 10MT per order. Farmers can enter the trade through North East National Trader, a franchisee company and official partner of ICEX. The settlement date for trade will be fixed for the 20th of every month after the prices are reflected on the internet and buyers enter their price. Nagaland State Agriculture Marketing Board (NSMB) will incur costs like warehousing and transportation. After the commodity is deposited at the chosen warehouse it will go through quality check. The exchange settlement process sill take place on the 21st of every month and ICEX clients will receive their settlement into their bank accounts on the 22nd. The same process will continue every month.
ICEX also announced its proposal to set up ticker boards (electronic price index) at all district Agriculture Production Marketing Committee (APMC) offices. The ticker boards will reflect the current commodities prices running in various markets across the country. Farmers in Nagaland will get a chance to see prices in other markets on ticker boards. Apart from ginger, ICEX further said it is also looking at rubber potential in Nagaland. It has also projected rubber plantation of about 1,000 hectares in the state, ICEX added.
Over the announcement, the State government has cautioned ICEX that it will have to deal with a lot of problems confronting the farmers. Principal Agriculture Commissioner HK Khulu said that all APMCs have been given computer sets but are not in use due to poor power supply. He cautioned that if ticker boards are going to be set up, ICEX will have to provide power backup. Also pointing out the nature of landownership in Nagaland, Khulu said any form of plantation must be derived under private public partnership mode. Khulu urged the APMCs to also activate a little more and utilise the little infrastructure properly. He added that APMCs need to work harder in order for the market to grow.
The programme was attended by Minister for Agriculture, Dr Chumben Murry, members of APMCs, Members of North East National Traders and entrepreneurs.
The futures trading exchange ICEX made this announcement at a commodity trading awareness programme in Dimapur today. Anjan Mandal, Head-Agriculture ICEX said that the exchange is currently studying the ginger market in Nagaland and issues confronting the market.
Madan announced that the mode of contract will be 10MT per order. Farmers can enter the trade through North East National Trader, a franchisee company and official partner of ICEX. The settlement date for trade will be fixed for the 20th of every month after the prices are reflected on the internet and buyers enter their price. Nagaland State Agriculture Marketing Board (NSMB) will incur costs like warehousing and transportation. After the commodity is deposited at the chosen warehouse it will go through quality check. The exchange settlement process sill take place on the 21st of every month and ICEX clients will receive their settlement into their bank accounts on the 22nd. The same process will continue every month.
ICEX also announced its proposal to set up ticker boards (electronic price index) at all district Agriculture Production Marketing Committee (APMC) offices. The ticker boards will reflect the current commodities prices running in various markets across the country. Farmers in Nagaland will get a chance to see prices in other markets on ticker boards. Apart from ginger, ICEX further said it is also looking at rubber potential in Nagaland. It has also projected rubber plantation of about 1,000 hectares in the state, ICEX added.
Over the announcement, the State government has cautioned ICEX that it will have to deal with a lot of problems confronting the farmers. Principal Agriculture Commissioner HK Khulu said that all APMCs have been given computer sets but are not in use due to poor power supply. He cautioned that if ticker boards are going to be set up, ICEX will have to provide power backup. Also pointing out the nature of landownership in Nagaland, Khulu said any form of plantation must be derived under private public partnership mode. Khulu urged the APMCs to also activate a little more and utilise the little infrastructure properly. He added that APMCs need to work harder in order for the market to grow.
The programme was attended by Minister for Agriculture, Dr Chumben Murry, members of APMCs, Members of North East National Traders and entrepreneurs.
Some APMCs functioning not up to expectations
Minister for Agriculture Dr. Chumben Murry has expressed disappointment over the functioning of some APMCs in the state. He said that while some APMCs are functioning well some are not up to the expectations of the government. He cautioned that if the APMCs don’t function well the government may have to label it ‘sick.’
Dr. Murry who attended the commodity trading with ICEX awareness programme in Dimapur today, said that market in Nagaland is still rudimentary. The scientific method of farming is just evolving and Nagaland still has a long way to go, he said. However, he said the government is doing its best to provide necessary infrastructure for farmers like cold storage facility and transportation. He added that the government is seriously contemplating to introduce buy back policy in the state. Dr. Murry added further that the government is going to set up cold storage facilities in three more districts this year.
Welcoming the move taken by ICEX to create a market for farmers in Nagaland, Dr. Murry said the state is still a virgin area for investors. He said that Nagaland has a lot of potential in rubber and ginger and there have been players in the market but not on a large scale. He urged the APMCs to try and understand the market outside so that proper marketing channels be provided to farmers in the state.
Minister for Agriculture Dr. Chumben Murry has expressed disappointment over the functioning of some APMCs in the state. He said that while some APMCs are functioning well some are not up to the expectations of the government. He cautioned that if the APMCs don’t function well the government may have to label it ‘sick.’
Dr. Murry who attended the commodity trading with ICEX awareness programme in Dimapur today, said that market in Nagaland is still rudimentary. The scientific method of farming is just evolving and Nagaland still has a long way to go, he said. However, he said the government is doing its best to provide necessary infrastructure for farmers like cold storage facility and transportation. He added that the government is seriously contemplating to introduce buy back policy in the state. Dr. Murry added further that the government is going to set up cold storage facilities in three more districts this year.
Welcoming the move taken by ICEX to create a market for farmers in Nagaland, Dr. Murry said the state is still a virgin area for investors. He said that Nagaland has a lot of potential in rubber and ginger and there have been players in the market but not on a large scale. He urged the APMCs to try and understand the market outside so that proper marketing channels be provided to farmers in the state.
