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News updated at 8:39 PM IST

SPV to reform agriculture market sector

Bangalore, Dec 23, 2013, DHNS: 0:52 IST
The State government and the National Commodity & Derivatives Exchange Limited (NCDX) will jointly set up a Special Purpose Vehicle (SPV) to usher in reforms in the agricultural market sector in the State.

The SPV will take up modernisation of Agricultural Produce Marketing Committees (APMCs) by introducing electronic auctions, take steps for grading the produce and direct payment to the farmers, as per the Karnataka agricultural marketing policy 2013, according to an official release.

Major markets and commodities would be covered to begin with. Smaller markets would be covered later. The proposed company will also link participants in the markets to the national market and reduce payment default risk. It will initially focus on grains and cereals. Fruits and vegetables would be covered at the later stage. Warehousing for scientific storage of the produce, bank funding for the stored produce and other facilities would also be made available. The State Cabinet had recently approved setting up of the SPV.

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