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No plans to ban more farm goods from futures: Pawar

No plans to ban more farm goods from futures: Pawar
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First Published: Mon, May 12 2008. 02 07 PM IST
Updated: Mon, May 12 2008. 02 07 PM IST
PTI
New Delhi: The government said on 12 May it has no plans to ban more farm commodities from futures market and hoped suspension of trading in soya oil, chana, potato and rubber would not be extended beyond four months.
“I don’t think any new commodities will be added,” Agriculture Minister Sharad Pawar, who also heads Consumer Affairs Ministry that oversees the futures market, told reporters here on the sidelines of a CII function.
The government had suspended futures trading of soya oil, chana, potato and rubber for four months till 6 September as part of measures to control inflation. This was in addition to last year’s ban on wheat, rice, tur and urad.
When asked about the possibility of extending the ban on the four items beyond four months, Pawar said: “Let’s see what happens...I think that the decision is taken only for four months. I do hope time will not come to extend the four months period”.
The minister said the decision to suspend futures trading was taken by commodity market regulator Forward Markets Commission (FMC) after much deliberation.
“The decision was taken by FMC about three days back. They have applied their mind and they ultimately came to this conclusion,” he said.
Pawar noted that out of the four commodities on which ban was imposed last year, prices of two items have stabilised while rates of other two commodities increased.
“There are two items where prices have stabilized. There are another two items whose prices have gone up irrespective of their delisting,” he said.
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First Published: Mon, May 12 2008. 02 07 PM IST
More Topics: Sharad Pawar | Futures | Soya oil | Chana | Potato |