– Commodity Participants Association of India(CPAI) organised its 7th International Convention on the theme of “Building Indian Commodity Market for Job Creation and Sustainable Development Goals” in New Delhi on July 13th, 2019
– The convention laid down future growth map for commodity markets to achieve the Prime Minister’s vision of doubling farmers’ income by 2024, in alignment with the sustainable development goals
– Convention moots institutionalisation of commodity markets by allowing all participants, including banks and institutions, and stresses on linking spot and futures markets
New Delhi, July 13, 2019: Commodity Participants Association of India (CPAI), the pan-India association of national commodity exchanges and commodities participants, today organised its 7th International Convention on ‘Building Indian Commodity Market for Job Creation and Sustainable Development Goals.’
The United Nation’s Sustainable Development Goals (SDGs) were adopted on 25th September, 2015 by 193 countries to end poverty, protect the planet, and ensure prosperity for all as part of a new sustainable development agenda to be achieved by 2030. Three of these SDGs – achieving food and energy security, adding value to commodities and improving the management of natural resources by increasing resource efficiency and renewable energy use – are particularly associated with the challenges of commodity-dependent developing countries.
Shri Anurag Singh Thakur, Hon’ble Minister of State for Finance and Corporate Affairs said “It is important to recognise that there is a need to have a safe and secure mechanism for commodities trading to all the stakeholders. It is high time that we become price setters than price takers. Recently India has been the first country to launch diamond derivatives being the largest polisher of cut diamonds. This reflects on the potential that the Indian commodity markets have. The reforms since 2003 with the support of the regulator. Since 2015 the SEBI has been regulating the market and has taken forward well.”.
India’s economic performance also is very closely associated with developments in the commodity sector. The linkages between commodity markets, economic growth and development are both strong and complex.
Further elaborating on the objectives of the Convention, Mr. Narinder Wadhwa, National President of CPAI and founder and managing director of SKI Group, said: “This year, the broader agenda of CPAI’s international convention was to bring together all the industry stakeholders—exchanges, members and intermediaries and regulators – to deliberate on ideas about how the growth of our commodity markets be aligned to the objectives of job creation and attaining the sustainable development goals. Prime Minister’s vision of doubling farmers’ income by 2024 is also towards the SDGs and to realise this vision, there is a need for the entire industry to come together and work on this change. In this direction, it’s been our constant endeavour to encourage and educate hedgers, farmers and producers to participate in commodities markets ’ for efficient price discovery and price risk hedging. ”
Mr. Ashok Kumar Agarwal, Chairman and Promoter of Globe Capital Market Limited and Chief Mentor of CPAI, added:“We are the biggest consumers and also the biggest producers and exporters of many commodities. It should, therefore, be the objective for the entire commodity market ecosystem to enable India rise to the position of a “price setter” of commodities rather than being just a price taker. As an important part of the commodity markets, we need to start deliberating on the level of preparedness to enable this transition. We need to internalize and identify the factors which are hindering this change. Focussing on the 3Ps– Policy, Products and Participants – will enable us to achieve the objective.”
Also read: https://financeintellect.com/home-page/home/cpais-7th-international-convention-on-commodity-market-development/
