AP farmers to trade on NCDEX Spot

Hyderabad: As a part of the Nabard’s initiative, eight primary agriculture cooperative societies (PACS) from the State had received the membership certification which would help the farmers to sell their goods on the exchange platform. Other 52 PACS are still in the certification process. This initiative is a part of NCDEX Spot Warehouse based market.

“It gives me an immense pleasure to work with Nabard, one of the founding members of NCDEX in order to benefit farmers,” said Rajesh Sinha, Executive Vice-President, NCDEX Spot Exchange.

As a part of this endeavour, the spot exchange will support the farmers by helping them reach the buyers or processors directly, which will result in better price realization and also help in lowering the supply chain costs in the agricultural commodity gamut Prakash Bakshi, Chairman, Nabard said: “This is a momentous occasion for the PACS as this unique initiative with Spot would show the path for all other PACS to follow”.

Around 250 delegates from the industry were present when the membership certifications were given to the PACS. This initiative is expected to change the dynamics of trade and supply chain of agricultural commodities with respect to storage, commodity financing, trade facilitation, and other value added services that could make farmers a key point in the entire value chain of agri-commodities.