Twitter
Advertisement

Agriculture sector is top priority: Arun Jaitley

Maximum population is dependent on agri-sector and unless the gains are clear and evident, the (economic) growth is not justifiable and equitable, says Jaitley

Latest News
article-main
Arun Jaitley
FacebookTwitterWhatsappLinkedin

Union Finance Minister Arun Jaitley on Sunday said the agriculture sector is top priority for the government because the country’s economic growth is not justifiable and equitable unless the benefits are evident in the agriculture sector.

After launching options trading in guar seed on NCDEX (National Commodity & Derivatives Exchange), the minister said, “The government was making efforts to ensure benefits of economic growth reaches all sections of society and particularly the farmers. India is one of the fastest growing economies in the world and the growth is benefiting people in different sectors. But maximum population is dependent on agri-sector and unless the gains are clear and evident, the (economic) growth is not justifiable and equitable.”

Guar seed is the first agri-commodity option. Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or instrument at a specific price on or before a certain date.

He said this unique hedging tool will allow farmers to mitigate their price risk while taking advantage of upward price movement. “It is the first-of-its-kind hedging tool which will prove to be a game changer for the farmers,” he said.

NCDEX is the second exchange after MCX to launch options trading in commodities. In October 2017, MCX had launched gold options. “Therefore, the government’s priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector”, he added.

Among the priority areas, the agriculture sector is on the top, he said. “Ensuring the benefits reach the agri-sector and growth is visible -- this is among the priority areas for us.” Jaitley further said: “We see in some places the problem of falling prices because of higher production. Farmers are not getting the price for their produce.”

He said many steps have been taken in the last few years to take farmers out of this situation. “There has been some impact,” he said.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement