Leading stock exchange BSE has launched an electronic spot platform for agricultural commodities. The platform -- BSE e-Agricultural Markets (BEAM) --- will function as a national level, institutionalized, electronic, transparent commodity spot trading platform in line with the prime minister's vision to create a ‘single market’. In addition, the platform would facilitate spot agricultural commodities transactions across value chain consisting of producers, intermediaries, ancillary services and consumers. The platform commence beta operations effective from December 11, 2020.
BEAM would offer customised solutions to farmers, traders, and stakeholders to facilitate risk-free and hassle-free purchase and sale of various agri commodities. According to the exchange, the platform will ensure reduced cost of intermediation, improved procurement efficiency, enhanced producers' realization and more competitive consumer prices. It will also help eliminate bottlenecks associated with procurement and trading.
With the help of BEAM, farmers in one state would be able to reach out to markets in other states and auction their produce. BSE said this will not only help farmers and farmer collectives discover best prices for their produce based on the quality, but also offers to build capacity to help intermediaries, processors and exporters procure from states.
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