Shri N. Chandrababu Naidu, Honorable Chief Minister of Andhra Pradesh (AP), dedicated e-marketing for integrating Agricultural markets of the state using Unified Market Platform (UMP) of NCDEX eMarkets Limited in in Vijaywada, amidst huge support from the market participants including Farmers, Processors and Traders. An agreement between the AP Government, NCDEX eMarkets Limited (NeML) and Rashtriya e-Markets and Services Limited (ReMS) was reached to convert the vision of using technology to enhance the efficiencies and strengthening of the current Agricultural Markets (AMCs) of the state. The initiative includes online registration of farmers, objective quality certification, e-trading for price discovery, direct payment to Farmers, e-permit, online Thakapatti and warehouse based sales.
During his address to the people of the state, Mr Naidu shared his progressive vision to use e-marketing to create a single online agricultural market for the state. With this 6 markets in Andhra Pradesh including Adoni, Yemmiganur, Kurnool, Kadapa, Hindupur and Guntur became live and 4 additional markets would join the initiatives in its first phase by March 31, 2016. All AMCs of the state would be covered under the initiative in a phase wise manner.
Agricultural Minister of the state Shri Pulla Rao, Shri Samir Shah, MD and CEO of NCDEX, Shri KGVK Rau, Special Advisor to the CM, Shri R Ramaseshan, Vice Chairman ReMS, Shri B Kishore, Agriculture Commissioner of AP, Shri LP Reddy, Secretary- Cooperative and Marketing and Rajesh Sinha, CEO of NeML were present during the occasion to dedicate the initiative to the people of the state.
Mr. Samir Shah, MD & CEO, NCDEX, said “We are delighted to partner with the state government of Andhra Pradesh on this pioneering initiative that would enable even the smallest farmer to get access to a wider market and enjoy the benefits of transparent price discovery. Such initiatives being adopted by various states, allowing participation from consumption centres across the country, the dream to create a unified agricultural market across the country would soon become a reality.”
The UMP brings the international best practices to offer price discovery, risk management and trade fulfillment processes for spot markets in the state. The initiative aims to better the successful implementation of the UMP project by NeML and ReMS in the state of Karnataka, where presently 75 markets are now online.
The UMP will provide an electronic auction system across the state for transparent price determination. It has a few firsts to its credit. It offers objective quality based trading in APMCs and has provided online access to all the APMC market functionaries. Participation would not be restrictive and would be open to participants across the state holding the unified market license from the state government. Farmers would have the choice to sell in any regulated or private market in the State and would get timely online payment. Additional services would include assaying and grading, along with facilitating pledge loans to farmers.
NCDEX e Markets Limited (NeML) works closely with the State Government and Government Enterprises, in various states including Karnataka, Gujarat, Haryana, Maharashtra, Kerala, Haryana, Jharkhand and Bihar in mechanising the physical markets. Deriving strength from the expertise of National Commodity and Derivatives Exchange Ltd (NCDEX), it offers its services for promoting electronic trading in a host of commodities, both agricultural and non-agricultural to various market participants, primary producers including farmers, traders, processors etc. The technology infrastructure combines technological efficiency and market friendly trading features in a transparent atmosphere to make trading a rich and rewarding experience.