Commodity market's Turnover Likely To Reach Rs 1.7 Lakh Crore By This Fiscal End (13-Feb-2012)
With the turnover of commodity bourses already crossing Rs 1,50,000 crore mark since the start of financial year 2011-12, government expects the turnover likely to reach Rs 1,70,00,000 crore by the end of 2011-12 fiscal. The turnover stood at Rs 1,19,48,000 crore in the previous fiscal year ending March 2011. The overall trade value is likely to get bolstered by higher participation in commodities like gold, silver and some farm items.
Though the Consumer Affairs Secretary Rajiv Aggarwal remained optimistic over the rapid pace at which market has grown, he is also cautious about the challenges that lie on its growth path. The extent of participation of the stakeholders in the real sector will play an important role in determining the long term growth prospects of the market and not merely volumes and variety of instruments.
Consumer Affairs Ministry has urged the Finance Ministry and the Reserve Bank to consider allowing banks in commodity derivatives which would lead to rise in participation of various stakeholders. The ministry has also drafted a law in order to remove the curbs on inter-state movement of farm items and have a unified agri-marketing system.
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