India Press Releases

U.S., India Join Hands To Strengthen Commodity Futures Markets

October 13, 2006

New Delhi – In an effort to improve price and market information tools for India’s farmers, the United States Agency for International Development (USAID) and the Government of India Forward Markets Commission launched a 4.5 crores rupees ($1 million) Commodity Futures Market program today in New Delhi.

Speaking at the event, USAID India Mission Deputy Director Beth Hogan said: “Drawing on our experience, the U.S. wants to help India improve futures markets support India’s 120 million farming households.  An effective commodity futures market here can help farmers to guide planting decisions and manage the risks of market fluctuations.”  L. Mansingh, Secretary, Department of Consumer Affairs, Government of India and Forward Markets Commission Chairman S. Sundareshan also attended the launch.

The program will promote vibrant and safe commodity futures markets by making the farm products market more transparent and available to India’s farmers. The program represents a practical benefit from cooperation between the United States and India under the Agricultural Knowledge Initiative launched by President Bush and Prime Minister Singh in July 2005 to apply agricultural research and commercial linkages to practical challenges.
The Forward Markets Commission will lead the work on regulatory issues for the market place. USAID support will be used for technical assistance from Financial Markets International, Inc. and the U.S. Commodity Futures Trading Commission.

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