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BKS hails decision of NCDEX to suspend futures trading of castor seeds
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Friday, 05 February, 2016, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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fiogf49gjkf0d The Bhartiya Kisan Sangh, an Indian farmers’ body, has welcomed the decision of the NCDEX (National Commodity and Derivatives Exchange) to suspend the futures trading of castor seed.
According to a press release, the sangh has been persistently making the demand for delisting of castor seed since 2012 and has represented to the Central government, NCDEX and CACP (Commission for Agricultural Costs & Prices) in the interest of the farmers and the nation.
“Now we are waiting for our demand of introduction of MSP (Minimum Support Price) to be fulfilled which we are hopeful that the new government under Modi will immediately consider in the interest of the farmers.”
“We are happy that futures trading in castor seed has been suspended, though this would provide only a short-term relief to the farmers. The decision to delist castor seed rather than mere suspension should have been taken two years earlier. Even though it is late, the decision will surely benefit lakhs of castor growing farmers.”
Castor seed is liquid gold and India is a leading producer in the world having a monopoly position. The demand for castor oil and its products is rising in the international market and the price in the internal market is also expected to get better.
The farmers of Gujarat and Rajasthan, which produce the majority of the Indian castor crop, have not been getting their due prices for the last three years. The price today has fallen much below the cost of production for the farmer which is around Rs 6,000 per quintal. Decline in price to the extent of 48 per cent since December 1, 2015, could have been averted if preemptive measures and prompt decision to suspend the contract was taken by the exchange. “We demand that castor seed futures contract should not be restarted, otherwise the castor seed farmers will have no option but to take drastic step to switch to other crops.
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