Wednesday, June 16, 2021
Home Business BEAM extends tech support to spot market in Maharashtra

BEAM extends tech support to spot market in Maharashtra

BSE E-Agricultural Markets (BEAM) has signed a Memorandum of Understanding with Haridra Lakshmi to enhance the income of smallholder farmers in Maharashtra by providing latest technology at local mandis.

Adopting an ecosystem approach, both the companies would work closely with institutions that have direct and deep connect with the farmers in the state. These include Godavari Urban Multistate Credit Coop Society, Surya Farmer Producer Company and Tukai Agro Farmer Producer Company. These institutions and companies collectively have a significant presence in various states including Maharashtra, Telangana, Andhra Pradesh, Karnataka and Gujarat. Their members are also engaged in retail sale and trade of various commodities including turmeric, cotton, maize and soybean.

BEAM would work closely with the small holders’ farmers associated with these institutions and enable them to trade electronically. Farmers would be enabled for “objective quality-based trading, credit linkages, electronic warehouse receipts and forward markets”, thus enhancing their competitiveness in the market leading to most competitive price realisation.

Hemant Sriram Patil, Member of Parliament said turmeric farmers would benefit immensely from the MoU and enhance the processing capacity of turmeric in the region.”

Rajesh Sinha, CEO, BEAM said the pact shows that it is possible to bring the benefit of latest market technologies to smallholder farmers. Physical spot market participants would immensely benefit from such an initiative thus helping farmers get most competitive prices for their produce, he added.

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