National Spot Exchange to sign MoU with Bihar

The National Spot Exchange (NSE) has proposed to sign an agreement with Bihar government seeking to expand its area of operation in agriculture and food processing.

NSE managing director Anjani Sinha called on Deputy Chief Minister S K Modi and submitted the proposals for signing the MoU with the state's Agriculture and Food and Consumer Protection departments.

NSE is a pan-India institutionalised, transparent delivery-based electronic spot exchange, which enables farmers to sell produce directly to processors and exporters anywhere in India.

"NSE's objective is to reduce intermediation in marketing and the pilot project, which was launched in Khagaria district's Maheshkhunt region this year has proved highly successful as the NSE was able to purchase 30 million tonnes of maize from farmers there at extremely competitive prices, thereby benefiting farmers, who didn't have to worry about how and where to sell their produce," he said.

The NSE is operational in seven states, including Maharashtra, Karnataka, Bihar, Rajasthan, Madhya Pradesh, Gujarat and Uttar Pradesh.