Narendra Modi Unveils E-Trading Platform as a Boon to Farmers

An E-Trading Platform has been unveiled by Narendra Modi. This platform is expected to help the farmers in the way that they could leverage better prices. At present, products from 365 wholesale markets would be traded. However, this will increase with time.

Modi Unveils E-Trading Platform to Farmers

It is said that by the year 2018, the number would increase to 585.

According to reports, it would benefit stakeholders and the farmers.

On one hand, it is seemed as a perfect platform, on the other hand, it also has certain limitations. It can be explained with an example – there are almost 7,000 wholesale markets in India.

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But, it is estimated that only 8% of the markets would be able to use the trading platform.

Farmers were left with very little bargaining power, according to a very old law that dates back to almost 50 years from now.

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With an aim to protect the farmers, Agriculture Produce Marketing Committee Act was launched. But, this introduced middlemen in the market. This in turn, deprived the farmers from good price rates.