Bhartiya Kisan Sangh supports NCDEX’s decision of suspending futures trading in castor seeds
| Author: BKS-ENG Date: 05 Feb 2016 12:53:10 |
The Bhartiya Kisan Sangh welcomes the decision of the NCDEX to suspend the futures trading of Castor Seed. In fact 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 in the interest of the farmers and the nation.
Now we are waiting for our demand of introduction of MSP to be fulfilled which we are hopeful that the new Government under Shri Modi ji 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 produces 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 6000 per quintal. Decline in price to the extent of 48 percent 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.
We once again thank the NCDEX and especially SEBI for thinking about the farmers’ interest and we also thank the Finance Ministry without whose support this decision could not have been taken.
About Bharatiya Kisan Sangh
The Bharatiya Kisan Sangh is an Indian farmers’ representative. Founded by India’s eminent thinker Shri Dattopant ji Thengdi, Bharatiya Kisan Sangh is an organization of the Farmers of India aiming at the Holistic Development of the Farmers of India. It is the India’s Biggest Farmers Organization For the Farmers, By the Farmers and Of the Farmers. BKS is the seldom organization in India which is not affiliated or connected with any Political motive, but was formed and is working solely for the upliftment of the Farmers of India.
27 years ago in the year 1979, Res. Shri Dattopant ji Thengdi traveled throughout the Country and collected around 650 representative Farmers of the Country and announced the Formation of Bharatiya Kisan Sangh. Now after these many years this organization has become the prime representative Association for the protection of the interest of the Farmers and farming associated workers of this Country.
