Considering the importance of agriculture in India’s GDP and the genuine requirements of promoting sound commodity futures markets in the country, a number of major reforms have been undertaken since the early 1990s which can be seen as future of online India.
These include setting up of a separate Department of Consumer Affiars (1995) which has been in the forefront for major initiatives in invigorating commodity futures trading. Major efforts at reforming and strengthening the Commodity Exchanges (1996) such as broadbasing the Board, computerization, professionalisation and online trading are at different stages of implementation in various exchanges. The introduction of futures trading in edible oils, oilseeds and their cakes (1998) was a major landmark in the development of commodity futures contracts in India. Exchanges started trading in some of these oils and cakes in 2000. Introduction of a major reform package for FMC and the Exchanges by means of a World Bank-funded IDF Grant (1998) removing prohibition on all minor oilseed, oil and cake.
National Multi-Commodity Exchanges are being promoted. Two exchanges-Online Commodity Exchange of India Ltd., Ahmedabad and National Board of Trade, Indore have since started working.
Evidently, the Government has taken a number of major reform initiatives for implementation of technology as base of robust online platform. It is expected that the rest of the package will be in place in the next couple of years. Further, a number of measures have been taken in the real commodity sector for removing hindrances to free the movement of goods, rationalising tax structure, enhancing warehousing facilities and developing markets.
The consumer online has seen the light just around 1995 which is the time of Internet arrival too.
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