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NCDEX to inter-link all mandis in Karnataka soon

Posted on Jan 17, 09:28PM | UNI

The National Commodity and Derivatives Exchange(NCDEX), today said the process of modernising by electronically linking all 54 mandis in Karnataka , is likely to be completed in another four months.

On lines of Karnataka government, some other state governments including Andhra pradesh and Maharshtra come forward and will take up the similar project on a pilot basis soon, Vijay Kumar, NCDEX Chief Business Officer Mr.Vijay Kumar told reporters here today.

The modernisation project was already taken up at 15 major mandis in Karnataka and the remaining will be completed within a year, he said that after which all the mandis will be web-linked and farmers will thus have access to markets across the country.

The project includes shift from manual to e-tendering, covering 15 commodities, including oil seed, pulses and mangoes, Mr.Kumari said.

'We are hopeful that at least two to three states will approach us with proposals to implement the project as a pilot in 2013,' he added.

To a question, he said the exchange plans to add other new non-agri commodities in its portfolio. Apart from gold, it plans add steel in this segment.

Going backward from steel, the Exchange is now looking at adding scrap and hot rolled coil steel in its portfolio.

'The other non-agri commodities we are looking at are furnace oil and PVC (polyvinyl chloride), which is used by the plastics industry,' he informed.