UP to promote futures trading in agro commodities

To insulate farmers from uncertainty and fluctuations in the prices of agricultural commodities, Uttar Pradesh government would promote futures trading in farm produce.

Besides, commodities exchange would be set up to facilitate spot and futures trading.

These are part of the comprehensive plan towards a farmer-friendly marketing setup in the state, which also entails establishing mandis at tehsil level.

The participation of private sector in food processing sector would be encouraged along with value addition in commodities at the local level. The state plans to develop a value chain and backward linkage in the food processing space encompassing setting up of quality check labs and developing technologies and implements.

The private sector would be attracted through grants in setting up of processing and cold storages all over the state.

Currently, the government is preparing the blueprint for the effective rollout and implementation of the UP Agricultural Policy 2013. The policy emphasises to increase farm income, emancipation of landless farm labour, boosting agro based industries, engaging private sector, providing post harvest management and marketing support.

UP chief secretary Jawed Usmani today directed government departments to finalise their detailed action plan by May 14 towards the implementation of the policy.

Under the policy, centres of excellence would be established at the state agricultural universities, research council would be strengthen and facility for specialised research would be made available at the regional research centres.

“The various departments are preparing their departmental action plans covering all the facets of the new agricultural policy,” State Agricultural Production Commissioner (APC) Alok Ranjan told Business Standard.

Sericulture would be promoted through women self help groups and cooperative societies. Silk worm centres and cocoon markets would be strengthened.

During the current 12th Plan (2012-17), UP is targetting agricultural growth rate of 5.1%. The industrial and services growth rate targets have been pegged at 7.1% and 10.9% respectively.