Premier Commodity Exchange, National Commodity and Derivatives Exchange (NCDEX) and The Institute of Rural Management Anand (IRMA) launched today "Shri Tribhuvandas Patel Centre of Excellence for Commodity Markets" in Anand, Gujarat. This initiative aims to further develop the commodities derivatives ecosystem providing support in the areas of research, policy formation, policy advocacy, capacity building, thought leadership, product development and leveraging synergies within the industrial and financial ecosystem.
The project seeks to redefine policymakers’ perspectives on commodity derivatives markets, fostering a deeper understanding of price discovery in commodities markets. IRMA, known for its expertise in rural management, will spearhead efforts to enhance the scope of commodity markets through rigorous research and analysis. The institution's role in redefining the FPO model aligns with its commitment to sustainable rural development. NCDEX, a key player in the commodities market, will play a pivotal role by providing technical support and data-related assistance. Leveraging its extensive experience, NCDEX aims to contribute significantly to the success of the Centre of Excellence.
Arun Raste, MD & CEO, NCDEX said, “We are entering the Amrit Kaal during which we have resolved to make India a developed nation. If this has to change into reality, Agri agri-marketing ecosystem must take a giant leap from where it is now and the derivatives market is a key driver in fueling agri-marketing growth. That’s why this Centre of Excellence is going to play a vital role in our journey to become from developing to developed.”
This joint initiative is an essential step towards altering the agricultural landscape and encouraging innovation in commodities markets. The Centre of Excellence aims to raise the commodities derivatives market through collaborative efforts, establishing a solid foundation for long-term growth.
Umakant Dash, Director, IRMA said, “NCDEX is involved in organizing dozens of activities to create awareness around derivatives market and IRMA has a deep understanding of the rural ecosystem. So, we expect this collaboration to go a long way in achieving the goal of making agri marketing a sustainable and powerful source of livelihood through the derivatives market.”
Also, present on this occasion, Mr. Dileep Sanghani, Chairman, World Cooperation Economic Forum, IFFCO and NCUI assured all the support from the cooperative sector for this unique collaboration. “The collaboration, I have no doubt, will play an important in benefitting the farming community and being an important stakeholder, the cooperative sector will extend all its support to the Centre of Excellence, which is coming up in the Anand, Gujarat,” Mr. Dileep Sanghani said.
Meanwhile, a national workshop on Strategizing the Establishment of Cooperative Economic Zones (CEZs) in India was jointly organized by the Institute of Rural Management Anand (IRMA), NCDEX Investor (Client) Protection Fund Trust (NCDEX-IPFT) and the World Cooperation Economic Forum (WCopEF) was also held.
The Workshop deliberated on the various aspects of the establishment of CEZs, a global initiative designed to revolutionize the cooperative sector in the country. Inspired by and taking cues from the success of the Special Economic Zone (SEZ) model, the CEZs are poised to create an international collaborative platform for cooperatives. The uniqueness of CEZs, as the discussants opined, lies in the blending of the core principles of the cooperative model with management strategies such as enhancing competitiveness, fostering sustainable practices, and contributing to global socio-economic development.
