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Rashtriya e-Market Services (ReMS), a joint venture between NCDEX Spot Exchange (NSPOT) and the government of Karnataka, launched a first-of-its-kind Unified Market Platform (UMP) in Karnataka on Saturday.
The UMP will provide an electronic auction system across the state for transparent price determination. It offers objective, quality-based trading in Agricultural Produce Marketing Committees (APMCs) and has provided online access to all the APMC market Functionaries. Participation would not be restrictive and would be open to across the state holding the unified market license from the state government.
“This is a pioneering initiative which would enable even the smallest farmer to get access to a wider market and enjoy the benefits of transparent price discovery,” said Samir Shah, MD & CEO, NCDEX.
With this farmers would have the choice to sell in any regulated or private market in the state and would get timely online payment. The UMP will also provide additional services which would include assaying and grading, along with facilitating pledge loans to farmers.
At present, it would be available for turmeric (Chamarajnagar) and Kopra (Tiptur, Arsikere and Tumkur) and would soon scale up to cover other APMCs and commodities.
“Such initiatives being adopted by various states, allowing participation from consumption centres across the country, the dream to create a unified agricultural market across the country would soon become a reality,” added R Ramaseshan, Advisor, NCDEX.
The UMP brings the international best practices to offer risk management and trade fulfillment processes for spot markets in the state. The initiative is rooted in the successful implementation of the mandi modernization program (MMP) by NCDEX and Karnataka government.
With modest beginnings in Gulbarga in 2011, this revolutionary program is now active in 26 APMC markets in Karnataka and expected to cover 94 key markets in the state by the end of the year.
