Budget 2024: Industry calls for govt revisit on agri commodity futures trade ban
Union Budget 2024, which is now less than a fortnight away, the domestic commodity industry has urged the government to allow the resumption of trade in banned agricultural commodities including wheat, paddy (non-basmati), chana, and others.
The sentiments were echoed by the industry representatives on January 22 on the occasion of 20 years of commodity trading on exchanges. Country’s largest non-agri commodity exchange Multi Commodity Exchange (MCX) and agri bourse National Commodity Exchange of India (NCDEX) started operations in 2003.
Narinder Wadhwa, National President at Commodity Participants Association of India (CPAI) said that this day will be observed as a national commodity day from now on. “Commodity Day serves as a dedicated platform for refining participants, addressing developmental concerns, and striving to uphold elevated market integrity, benefiting investors, businesses, and governments alike,” Wadhwa said.
The continued linked the prosperity of the market on the agility of policies, adherence to principles of fairness, and timely adaptations to meet the evolving needs of both the market and its investors.
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The other commodities which are currently under the ban include mustard seeds, soya bean, crude palm oil and moong.
Ashok Agarwal, Executive Chairman & Founder of Global Capital said that the ban on these commodities was introduced in light of commodity inflation as agri-commodity prices soared on multiple
