KOCHI: The country’s under-developed commodity market offers a huge scope for progress, Union Minister of State for Food K V Thomas has said. The minister was speaking after unveiling the logo of Commodity Online India Ltd, one of the leading providers of information, research, futures and spot market trading services in commodities, in Kochi on Saturday.“This sector is expected to contribute significantly in strengthening the country’s economy and the agricultural field, in particular, to face the challenges of globalisation,” the minister said. Thomas said that the government was open to the concept of commodities exchange and futures trading as a major economic activity in tune with international market integration. Commodities form around 48 per cent of the Indian GDP.“From a turnover of Rs 115 lakh crore in 2010-11 representing a growth of 50 per cent annually, commodity futures has crossed Rs 106 lakh crore from April to October 2011-12 representing a growth of 72 per cent over the corresponding period of 2010-11.”“Commodity market’s annual turnover is estimated to be around Rs 55,00,000 crore by 2015. All these facts and figures hold a good prospect for us as a developing country,” he said. Thomas is of the opinion that though India has weathered the storm by its inherent strengths, it cannot be expected that the global economic slowdown which has affected countries considered economic superpowers would just pass by leaving us unscathed..Multi Commodity Exchange of India vice-chairman Jignesh Shah launched the new bullion portal of the company, ww.bullionstreet.com.
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