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Futures trading banned in India
Auckland News.Net
Friday 9th May, 2008
The Indian government has banned futures trading in four commodities to tame inflation.
The finance ministry late Wednesday banned futures trading in chana, soya complex, rubber and potato to check the rising prices of food grain and other essential commodities.
Only a day later, a member of an official expert panel has questioned the move, saying it would only hurt farmers.
Sharad Joshi, a farmers leader and member of the government's Expert Committee of Futures Market, termed it as an unfortunate move.
“The committee has made it clear that the forward markets have nothing to with inflation. Futures trading in in fact helping farmers get better prices for their produce. The ban will affect the farmers,” he said.
India's annual rate of inflation has been hovering well over seven percent in recent weeks, putting the government under pressure.
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