UP traders hit streets against futures trading

Blame it for increase in prices

Uttar Pradesh traders today hit the streets against futures trading in essential commodities blaming it for the current runaway inflation in India.

The traders under the banner of Akhil Bharatiya Udyog Vyapar Mandal carried out marches across various districts in Uttar Pradesh. They demanded immediate ban on futures trading in essential commodities being conducted on bourses.

“The central government should ban futures trading in food commodities on Multi Commodity Exchange of India (MCX) and National Commodity and Derivatives Exchange (NCDEX),”

Mandal President Sandeep Bansal told Business Standard here.

He said the report of state chief ministers’ committee had also recommended banning futures trading in essential commodities. “The current high inflation is the result of such futures trading,” he maintained.

 

After the ‘peaceful march’, the traders submitted their memorandum of demands to the respective district administration. Yesterday, the traders had taken out a similar march in Lucknow across important markets.

Bansal said if the Centre failed to act against futures trading to rein in inflation, a pan-India agitation would soon be launched. The action plan of the agitation would be drafted during the outfit’s national executive meeting at New Delhi next month, he informed.

The Mandal has been organising seminars and nukkad-nataks (street plays) to create awareness among the masses over inflation.

Meanwhile, Uttar Pradesh Udyog Vyapar Pratinidhi Mandal President and former Rajya Sabha member Banwari Lal Kanchal said his outfit will soon hold agitation programmes to highlight inflation.