2-days workshop on Commodity Futures Market begins
SRINAGAR- - In a workshop today at University of Kashmir, Forward Markets Commission, Ramesh Abhishek (IAS), who was the Chief Guest on the occasion has offered internship placement for students of Department of Business and Financial Studies.
Department of Business and Financial Studies, University of Kashmir in collaboration with Multi Commodity Exchange of India Ltd and Forward Markets Commission (FMC), a regulatory authority which is overseen by the Ministry of Consumer Affairs, today organized two days workshop on Commodity Futures Market.
Ramesh Abhishek deliberated on recent developments in the Commodity Markets Issues and Challenges. He said that Forward/ Futures trading in a commodity is a mechanism for price discovery and price risk management and is useful to all sectors of the economy including the farmers and consumers. Futures therefore are beneficial to both the consumers and farmers, he said. On concluding remarks Abhishek appreciated the role department in organizing the workshop.
Key note address was presented by MD & CEO, Multi Commodity Exchange of India Ltd, Shreekant Javalgekar, and provided an overview of commodity markets and benefits of the derivatives.
Joint Secretary, Ministry of Micro, Small and Medium Enterprises, C. K. Mishra (IAS), who was the Guest of Honour, deliberated upon how SMEs can benefit by hedging in Commodity futures market. Worldwide, the micro small and medium enterprises (MSMEs) have been accepted as the engine of economic growth and for promoting equitable development. The major advantage of the sector is its employment potential at low capital cost. The labour intensity of the MSME sector is much higher than that of the large enterprises. The MSMEs constitute over 90% of total enterprises in most of the economies and are credited with generating the highest rates of employment growth and account for a major share of industrial production and exports, he said.
Mishra said that MSME sector employs an estimated 59.7 million persons spread over 26.1 million enterprises. It is estimated that in terms of value, MSME sector accounts for about 45% of the manufacturing output and around 40% of the total export of the country.
Head, Department of Business and Financial Studies, Prof. Mohiu-ud-Din Sangmi, emphasized that there is a need to develop commodity futures for horticulture produce like apple and almonds which are marketed in a volatile price situations. He said that such workshops would help our students to address the local problems with national and global perspective. Prof Sangami said that DBFS KU has achieved many of its targets so far in terms of placement and capacity building .
Prof. Shabir A Bhat, Dean Management and Commerce presided over the workshop and deliberated on need for Industry Academic linkages and the benefits for the regional development.
Prof. Shabir said, The linkages between industries and institutions are of great importance for improving degree of relevance of contents and delivery. In the context of the changing global economic scenario and the economic changes that have taken place in our region, there is a greater need to have interaction that is more effective and fine-tuning between industry and institutes. The interaction and tuning between institute and industry is now widely recognized as an essential requirement to train and develop the right kind of technical work force necessary for sustaining and promoting faster industrial and economic growth.
The workshop was conducted at Ghandhi Bhawan at University of Kashmir. Over two hundred fifty students, research scholars, practitioners, bankers and faculty members participated in the workshop.
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