How has the year been for commodity futures trading? What is the prospect of commodity trading in India?
It was one of the most difficult years. Having completed just three years, trading in commodity futures is still evolving. There have been instances of Government interventions to check spiralling prices without fundamental reasons. NCDEX agro prices are being looked upon by the State and Central governments as a benchmark for policy matters. Farmers have realised better prices for their produce. Total contribution of the agriculture sector to GDP is about Rs 6 lakh crore while turnover in futures commodity trading has just touched Rs 18,000 crore. Have you chalked out any plans to deal with political risk? Any diversification? Dealing in essential commodities always carries political risks. In share markets, everybody wants prices to rise. In commodities, there is a conflict between farmers and consumers; farmers want better returns on their produce while consumers pray for lower prices. A balancing act is difficult. We are looking at improving our business in metals and energy sector
