Trading in agri-commodity options to help double farmers' income: Jaitley

New Delhi: Union Finance Minister Arun Jaitley on Sunday said the launch of trading in agri-commodity options will largely benefit the farming community, thereby moving forward on the path to realise the Centre's vision of doubling their income.

Addressing a gathering at the launch of the country's first agri-options in Guar Seed, Jaitley, while reiterating the importance of the farming community for the Indian economy, said all measures are being taken to ensure benefits of economic growth reach all sections of society, particularly the farmers.

"Farmers have changed a scenario of shortage to surplus with their sheer hard work and toil. However, many times, they have been devoid of the prescribed remuneration for their produce. While many measures were taken in the past years, the agri-options will largely benefit the sector. With the intention of doubling farmers' income, we are moving forward," he said.

Designed by the National Commodity and Derivatives Exchange (NCDEX), the tool is expected to deepen trade and benefit farmers in reaping improved price realisations for their produce, with limited downside risk. The hedging tool will allow farmers to mitigate their price risk along with taking advantage of upward price movement.

The SEBI-approved tool was launched by Jaitley in the presence of farmers and Farmer Producer Organisations (FPOs) from various states across the country on the auspicious occasion of Makar Sankranti.