Commodity trade in India continues to grow fast. Combined trade of all the major commodity bourses jumped 82.7 percent to 3 trillion rupees in the second half of July.
Forward Markets Commission, the commodity markets regulator, has reported, the total turnover from April to July rose more than 40 percent to 16.54 trillion rupees.
India, which allowed futures trading in commodities in 2003, has one of the fastest growing commodity futures market with a combined trade turnover 40.66 trillion rupees in the financial year 2007/08.
The regulator also granted an in-principle approval to a new commodity exchange to be set up by MMTC Ltd and India Bulls Financial Services Ltd in Gurgaon, it said.
According to the FMC Web site, India has 22 commodity bourses, of which 3 operate at national level.
Showing posts with label Business and Economy. Show all posts
Showing posts with label Business and Economy. Show all posts
Sunday, August 10, 2008
Tough season ahead for the sugar sector
Thanks to the too much political interference in the sugar sector, India, will soon become a large importer of the sweetener. Ironically, only last year it exported a lot of sugar. From this year onward, the story could be different.
India will turn a big importer after October 2009 as the crop area shrinks and demand rises, a leading producer said on Friday. Thanks to the politicians, farmers don’t find it a viable proposition to grow cane anymore. They are forced to wait for their payments for years at a go. As the sector is largely controlled by the so called public sector, no remedy seems in sight.
The country may have to import up to 4 million tonnes of sugar in the next crop year, starting from October 2009, Sanjay Taparia, finance director at Simbhaoli Sugars Ltd said in an interview.
He said India's imports would have been even higher but the country's choked ports will not be able to handle such a volume.
Sugar output in India, the world's second largest producer after Brazil, is likely to be 26.5 million tonnes this year, down from a record 28.4 million tonne last year. Exports in the current year are likely to be a record 4 million tonne.
Some expect production to fall further to 18-19 million tonne in 2009-10 as deficient rainfall this summer has affected planting in some parts of the country. Taparia said demand in the year that begins in October 2008 will be met from the new crop and stocks of 11 million tonne.
"But in 2009-10, we will have to import for sure," Taparia said.
India will turn a big importer after October 2009 as the crop area shrinks and demand rises, a leading producer said on Friday. Thanks to the politicians, farmers don’t find it a viable proposition to grow cane anymore. They are forced to wait for their payments for years at a go. As the sector is largely controlled by the so called public sector, no remedy seems in sight.
The country may have to import up to 4 million tonnes of sugar in the next crop year, starting from October 2009, Sanjay Taparia, finance director at Simbhaoli Sugars Ltd said in an interview.
He said India's imports would have been even higher but the country's choked ports will not be able to handle such a volume.
Sugar output in India, the world's second largest producer after Brazil, is likely to be 26.5 million tonnes this year, down from a record 28.4 million tonne last year. Exports in the current year are likely to be a record 4 million tonne.
Some expect production to fall further to 18-19 million tonne in 2009-10 as deficient rainfall this summer has affected planting in some parts of the country. Taparia said demand in the year that begins in October 2008 will be met from the new crop and stocks of 11 million tonne.
"But in 2009-10, we will have to import for sure," Taparia said.
Saturday, August 9, 2008
India becomes the second largest wireless market
With the number of mobile phone users in India having shot up, the country is now the second-largest wireless market in the world, a busines study says.
Durga Puja Unlimited
The famous Durga Puja festival in and around Kolkata now has a corporate look. A prominent puja committee near Kolkata has sold the rights of the celebrations to a US company and roped in a Bollywood superstar as its brand ambassador.
The entire expenses of the Badamtala Ashar Sangha Puja in south Kolkata will be borne by the US company, 'Media Morphosis.' The company will promote it in the media and on the web.
The practice so far was that a puja committee would get different sponsors, but itself manage the resources.
The organisers also have got superstar Mithun Chakraborty to endorse the puja. The moves are creating waves in the city circles. The committee have won many prizes for its aesthetic novelty in the past several years.
The entire expenses of the Badamtala Ashar Sangha Puja in south Kolkata will be borne by the US company, 'Media Morphosis.' The company will promote it in the media and on the web.
The practice so far was that a puja committee would get different sponsors, but itself manage the resources.
The organisers also have got superstar Mithun Chakraborty to endorse the puja. The moves are creating waves in the city circles. The committee have won many prizes for its aesthetic novelty in the past several years.
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