Mumbai, December 01, 2021: NCDEX e Markets Limited (NeML), India’s leading integrated e-Markets platform for commodities and intangibles, announced its agreement with FinChain Technologies to provide trade-financing options. Under this agreement FinChain, an emerging Indian Fintech engaged in anchor led supply chain and invoice backed financing programs, will now make available bill discounting and trade-financing options to buyers/sellers on various NeML online spot delivery-based platforms.
Announcing the collaboration, Mr.Mrugank Paranjape, MD & CEO, NeML, said, “NeML as a market leader with substantial market share is committed to providing its trade participants from across the country the best-in-class seamless integrated experience on its various e-market platforms encompassing convenient and hassle-free financing options to enable the entire ecosystem. Our partnership with FinChain is an endeavour in this direction.”
He added, “NeML records transactions of over Rs 10,000 crore on its various platforms. We believe this tie-up with FinChain while offering one more attractive trade financing option at preferential rates to our participants will also bring in greater liquidity resulting in better, robust and transparent price discovery on our e-market platforms.”
Despite ongoing spell of wet weather, the India Meteorological Department (IMD) has termed the 2021 Southwest monsoon season from June 1 to September 30 as normal rainfall. According to IMD the rainfall during this four-month period was 874.6mm which is little more than 99% of the Long Period Average (LPA) of 880.6mm of 1961-2010, anything between 96% and 106% of the LPA is considered normal. This makes it the third year in a row of normal or better rainfall for the country.
IMD anticipates that the beginning of withdrawal of the Southwest monsoon by October 6 in northwest of the country as against normal departure date of September 17 in the region.
Furthermore, IMD estimates that the Northeast monsoon which brings rainfall to southern states from October to December is likely to be normal too. The south Peninsular India consisting of five meteorological subdivisions (Tamil Nadu, Coastal Andhra Pradesh, Rayalaseema, Kerala and South Interior Karnataka) receives about 30% of its annual rainfall during the Northeast monsoon season (October to December). Tamil Nadu, in particular receives about 48% of its annual rainfall during this season.
The Union Ministry of Agriculture and Farmers Welfare has released the First Advance Estimates of production of major Kharif crops for 2021-22 on September 21, 2021.
The total food grain production in India for 2021-22 Kharif is likely to be 150.50 million tonnes which is a tad short of the target of 151.43 million tonnes but higher than the average of last five years from 2015-16 to 2019-20 of 137.84 million tonnes by 12.71 million tonnes.
According to the Estimates, the production of Rice which typically leads the Kharif season in India is predicted to be 107.04 million tonnes for 2021-22 which is higher by 2.74 million tonnes and 2.63% higher than the target of 104.30 million tonnes. The estimate is also higher by 9.21 million tonnes and 9.41% higher than the five-year average of 97.83 million tonnes.
MOUs aimed at increasing farmers’ income & protecting their produce: Shri Narendra Singh Tomar
Mumbai, September 15, 2021: NCDEX e Markets Limited (NeML), India’s leading integrated e-Markets platform for commodities and intangibles has entered in to a Memorandum of Understanding (MoU) with the Indian Union Ministry of Agriculture & Farmers Welfare on September 14th, 2021, Tuesday. Under the aegis of this MoU with the Government of India, NeML will undertake pilot projects in three districts which seek to develop an agri-stack which in turn will empower it to design, develop and implement technology enabled solutions for Indian agriculture.
Speaking at the occasion, Mr Mrugank Paranjape, Managing Director & Chief Executive Officer, NeML said, “We at NeML are proud and honoured to partner with Government and act as an enabler in its mission of doubling farmer income. NeML has been a pioneer in digitising the Indian agriculture and positively impacted lives of millions of farmers around the country for the past 15-years of our existence. We thank the Government for this opportunity and we will leverage our experience of being the leading provider of integrated e-market solutions in the country to help Government meet its stated objective from a farmer welfare perspective.”
The MoU was signed in an official ceremony in the presence of Shri Narendra Singh Tomar, Hon’ble Minister of Agriculture & Farmers Welfare of India, Shri. Kailash Choudhary, Hon’ble Minister of State, Ms Shobha Karandlaje, Hon’ble Minister of State, Shri. Sanjay Aggarwal, Secretary, DA & FW, Shri. Vivek Aggarwal, Additional Secretary (Digital Agriculture), Shri. Vijay Rajmohan, Director (Digital Agriculture). NeML was represented by Mr Mrugank Paranjape, Managing Director & Chief Executive Officer and Puneet Gupta, Independent Non-Executive Member of the Board of the Company at the signing ceremony held in Krishi Bhavan, New Delhi on September 14, 2021.
The FM also announced an increase in agriculture credit target to Rs 16.5 lakh crore in FY 2021-22 (10% higher than FY 2020-21) & assured better flow to animal husbandry, dairy, and fisheries sectors
The Agriculture and Farmers’ Welfare Ministry has 5.63% more budget allocation at Rs 1,31,531 crore for 2021-22. For this fiscal the revised budget is estimated to be Rs 1,24,519 crore
Of the total allocation, the Department of Agriculture and Farmers’ Welfare gets Rs 1,23,017.57 crore while Department of Agricultural Research and Education has been allocated Rs 8,513.62 crore
The allocation for 10 central schemes has been increased marginally by Rs 1,856.51 crore to Rs 1,05,018.81 crore for 2021-22 from the current fiscal
The Government has increased the allocation for formation and promotion of 10,000 farmer producer organisations (FPOs) by Rs 500 crore to Rs 700 crore and agriculture infrastructure fund has been increased by Rs 692 crore to Rs 900 crore