Indian commodity exchanges turnover to reach Rs 112 lakh crore in 2010-11

The trading turnover of the commodity exchanges in India is expected to reach Rs 112 lakh crore by the end of the current financial year, marking a growth of 44.23 per cent over Rs 77.65 lakh crore achieved in 2009-10.

“The overall trading turnover at all the commodity exchanges in the country is  set to be in the range of Rs 110-112 lakh crore. The trading turnover has already reached Rs 88 lakh crore. For the past seven years, the average growth in turnover at the commodity exchanges has been around 40 per cent”, said B C Khatua, chairman of Forward Market Commission (FMC), the regulator for commodity exchanges in the country.

He was speaking at an interactive session on ‘Prospects  and Challenges of  Commodity Trading in India’ organized here jointly by the Bhubaneswar Stock Exchange (BhSE) and the India Commodity Exchange Ltd.Khatua also welcomed the idea to set up a Minerals,  Metals and Fuel Exchange in Bhubaneswar.

Speaking on the occasion, B S Pani, former general manager of National Aluminium Company (Nalco) stressed on the need for  setting up such an exchange in India.