Pib

Pib

1. President of India Inaugurates Economic Democracy Conclave

The President of India, Shri Ram Nath Kovind, inaugurated the ‘Economic Democracy Conclave’ organised by Rambhau Mhalgi Prabodhini at Thane, Maharashtra, today (January 14, 2018).

Speaking on the occasion, the President said that it is very important for our country and society to strengthen economic democracy through entrepreneurship. He praised the Prabodhini team for its contribution to strengthening the political, economic and social dimensions of our democracy for the past 35 years.

The President said that political democracy cannot be strong in the absence of economic and social democracy. Improvement in the economic condition of deprived sections is imperative. Many initiatives have been taken in our country with the aim of ‘Sabka Sath, Sabka Vikas’ and ‘Sabka Samman, Sabka Utthan’. These have a singular goal of strengthening economic and social democracy. The idea behind these programmes is that if anyone has to really help someone, then he/she should be made financially self-reliant.

The President said that the promotion of an entrepreneurial culture in the country is not the sole responsibility of the Government. Family, educational institutions, private sector banks and entrepreneurs, NGOs, etc. all have the responsibility to create an environment where private enterprise is encouraged.Together, we should create a culture in which self-employment is not chosen just due to the compulsion of not getting a job. The idea of becoming ‘job-giver’ instead of ‘job-seeker’ should be embraced.

2. Classy Srihari looks to set pool ablaze in inaugural Khelo India School Games

Karnataka’s Srihari Nataraj, named the best swimmer at the National Aquatics Championships 2017 in Bhopal, will be among the cream of country’s young swimming talent which will be on view in the first Khelo India School Games at the iconic Shyama Prasad Mukherjee Swimming Pool Complex here from February 1 to 4.

Srihari, who stands close to six-feet tall, has constantly broken barriers and seeks to go faster than anyone else, aiming to represent India in the Asian Games in Jakarta this year and the 2020 Olympic Games in Tokyo. In fact, the Jain College student from Bengaluru is the owner of all National records for backstroke over 50m (26.58 seconds), 100m (56.99) and 200m (2:04.11).

“I know that the best talent will get picked for handsome scholarships worth Rs 5 lakh each year for eight years but I am entering five events, including the 100m and 200m freestyle, for the race experience,” Srihari, who will turn 17 on January 16, said. “I want to show that I am the best each time I take to the pool.”

Karnataka’s Saloni Dalal, who lowered her own 200m breaststroke National Record to 2:43.01, is the other prominent swimmer who will compete in the Khelo India School Games.

3. The Union Finance Minister, Shri Arun Jaitley launches the country’s First Agri-commodity Options Contracts in Guar Seed on the occasion of Makar Sankranti; FM: A significant step in the direction of agricultural trade as this will ensure that the farmers will receive a better price for their commodities.

Key information: Guar Seed Options

Options contracts expiring in the months of February 2018, March 2018 and April 2018 would be available for trading w.e.f. January 14, 2018. The Guar Seed Options will be European type with a tick size of Re. 0.50 per quintal. The Daily Price Range (DPR) will be based on the factors of DPR of the underlying Futures contract and volatility. Options contract shall be launched on the trading day following the day on which the underlying Futures contract is launched. The expiry date of agri-Options will be the last Wednesday of the month that precedes the month of expiry of the underlying Futures contract. If Wednesday happens to be a holiday, then the Expiry Date shall be the next trading day of the Exchange. In case of banking transaction closing days etc. close to the Options Expiry Date, the same shall be fixed to provide for sufficient time ahead of such days. However, launch calendar with exact date of expirations shall be notified in advance.

National Commodity and Derivatives Exchange Limited (NCDEX) launched India’s first Agri-Options on guar seed futures in the presence of SEBI, WDRA, Industry Associations, Government Officials and FPO members. Farmers from various States across the country were present at the occasion to mark the commencement with a Live Trade by a farmer producer company.

Launched on the auspicious occasion of Makar Sankranti, this new hedging tool, Agri-Options:Ek Aur Kadam Kisan Pragati Ki Ore, is set to mark an important evolution in trading of agriculture commodities market. This instrument will give a strong impetus towards systematic development and transformation of commodity derivatives market in India, which will make the agri-economy more efficient and bring huge amount of value for the farmers of India.A Mandi.commobile application was also launched on the occasion, where farmers can learn more about agri-Options and the commodities market. Mandi.com is a pro bono half-an-hour ‘weekly show’ produced by NCDEX for National Public Service Broadcaster, DD Kisan Channel, a program dedicated to farmers’ education and awareness.

Elaborating on the benefits of Options, Shri Rabi Narayan Das, Chairman, NCDEX, said, “The long wait for agri-commodity Options has finally come to an end with the launch of agri-Options on NCDEX’s platform.Agri-Options will serve as a powerful tool to empower farmers by allowing them to lock in the prices of their produce at a minimum cost. It has the potential to transform Indian commodity market in a way that will benefit more farmers across the country for their hedging requirements. While, as of now, agri-Options is allowed in only one agri-commodity, we can expect more commodities under this over a period of time.”

Gracing the occasion with a recorded video message, the Union Minister of Commerce & Industry Shri Suresh Prabhu welcomed the Agri-Options to the commodity market, He said that he congratulates NCDEX for taking this noble step, which will contribute towards empowering the farming community and will further strengthen the agricultural ecosystem.