India's Commodity Markets May Grow 25%

"Forward Markets Commission, India's commodity market regulator, dubs the four-fold sector increase estimate 'conservative,' and driven by precious metals performance."

Commodity market regulator of India, FMC (Forward Markets Commission), expects the turnover in 23 commodity exchanges to grow 25% to reach Rs.150 lakh crore in the current fiscal, attributed to the recovery that is underway in global economy.

In the FY' 11, cumulative turnover of the commodity futures market have risen by 53% to reach Rs 119 lakh crore, according to The Economic Times.

The media report was based on FMC Chairman B.C.Khatua's comments to PTI.

The Chairman terms the commodity futures turnover growth of 25% as "conservative." He also noted that the growth would be different in the current fiscal year as the prices of gold and silver have already peaked.

Performance of the new exchanges will be play a key role in charting the kind of growth that FMC is projecting, Khatua said.

Provided, Forward Contracts Regulation Act (FCRA) Amendment Bill is passed in the Parliament, the exchanges can even manage to chart growth beyond the 25% rate, he continued.

The bill referred to the standing committee on food, consumer affairs and public distribution, would provide more powers to the FMC in line with the capital market watch dog SEBI.

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