Panel report on futures trade likely in two weeks

The government is awaiting the expert panel report on the impact of futures trade on essential food items before deciding on lifting the ban on wheat, rice, tur and urad futures, Agriculture Minister Sharad Pawar said today.

"The Abhijit Sen committee report is likely to be submitted within the next two weeks. We will decide on whether to lift the ban after that," Pawar told reporters on the sidelines of a function.

The panel, headed by Planning Commission member Abhijit Sen, was set up by the government in February last year. The panel was asked to submit its report in two months. The report, however, has been delayed.

Panel member Sharad Joshi today said the report is unlikely to recommend a ban on futures trade in any commodity.

"We have found there has been no unusual volatility in prices of essential commodities due to futures trade," Joshi said.

The government had banned futures trade in tur and urad, and put a freeze on the launch of fresh contracts in wheat and rice early last year due to mounting opposition from political allies on futures trade in farm commodities and rising food grain prices.