NCDEX Launches World’s Only Futures Contract For Pearl Millet
India’s leading online commodity exchange, NCDEX has launched world’s only pearl millet (known as ba…India’s leading online commodity exchange, NCDEX has launched world’s only pearl millet (known as bajra in India) contract from 1 April 2014.
The future will benefit Indian farmers which contribute close to half of the global supply of Bajra.
NCDEX said, the contract will be available for trading from April 1, 2014. Initially, May 2014, June 2014 and July 2014 contracts will be available for trading.
“The Bajra contract is part of our effort to offer innovative products designed to meet the needs of local farmers and businesses so that they benefit from efficient price discovery and risk management,” Samir Shah, managing director and chief executive officer, NCDEX said.
NCDEX has ensured ample availability of accredited warehouses at the major Bajra trading centers in Delhi, Rajasthan and UP in order to ensure smooth delivery and better integration with the value chain, the company said in a statement recently.
India is the largest producer of bajra in the world and it is cultivated in Rajasthan, Uttar Pradesh, Haryana and Gujarat. It is the fifth most important cereal crop in India that are mainly consumed largely by the poor segment of the society and high inflation hits these groups hard.
Bajra’s high fibre content is making it increasingly popular as a health food.
It is primarily consumed in the states of Haryana, Rajasthan, Gujarat and Madhya Pradesh. It is widely distributed in arid zone and semi-arid tropics.
Besides this, it is also used for animal feed and production of alcohol.
As per an estimate, Rajasthan was the highest producer of bajra with 3.8 million tonnes during 2012-13 fiscal year with 41 per cent share, followed by Uttar Pradesh with 16 per cent share, Gujarat with 14 per cent share, Haryana 12 per cent share and Maharashtra with 9 per cent share.