While the UMP has been widely praised by one and all for ushering market reforms in Karnataka’s primary agriculture markets, this is perhaps the first time that the UMP found a mention in the State’s Annual Budget.
Popularly known as the “Karnataka Model”, the UMP succeeded in establishing India’s first State Agriculture Market (SAM) in Karnataka by seamlessly interlinking 157 out of the 162 Mandis (APMCs) in the State. As on date, 47.28 lac farmers have registered on the UMP and agricultural produce worth Rs. 75,690 crores has been traded through the platform.
The UMP, which is an initiative of Rashtriya e Market Services Pvt. Ltd. (ReMS) – a Joint Venture Company of NeML and the Karnataka State Govt., has not only encouraged Traders and Large Institutional Buyers from other States to trade on its platform, but has also delivered tangible value on the ground by enhancing farmers’ income by over 38%.
Impressed by the achievement of the UMP initiative, ReMS was conferred the prestigious DL Shah Platinum Award and was recognised as one of the ‘Gems of Digital India’ for it’s defining role in transforming Karnataka’s agriculture markets and enhancing farmers’ income. It was further lauded by NITI Aayog in it’s report on ‘Doubling Farmer Incomes’ and inspired the Central Govt. to replicate the Karnataka model on a national level through it’s ambitious e-NAM initiative.
As India’s leading e-Market & Services company for Agri Commodities, this attribution of the UMP in the Karnataka State Budget 2018 is a testimony to our commitment to transform the Indian Commodity Markets Ecosystem and enhance farmers’ incomes through robust, online, transparent price discovery e-Market platforms like the UMP.