Vajpayee for tapping 600bn commodity mart

Prime minister Atal Behari Vajpayee said on Saturday India should put in place world standard trading exchanges to tap the 600 billion global commodities market while protecting the interests of the domestic farmers from sharp price fluctuations. 8220;For achieving this goal, we have to equip ourselves with the appropriate markets instruments and institutions8221;, Vajpayee said here while inaugurating futures trading in wheat and rice. 8220;I am told that by building a commodity trading exchange of global standards, India has an opportunity to chase a 600 billion market opportunity,8221; he said, adding this would have to be done through connecting village mandis and the urban markets through commodity exchanges. He also called for legislative changes and rapid expansion of rural warehousing facilities to ensure grains8217; futures trading benefits for the farmers.

8220;You should ensure that this system futures actually benefits the farmers, and not just traders. For this, Central and State government agencies have to take necessary steps, including rapid expansion of rural warehousing facilities,8221; he said.PTI