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Indian Sugar Exim Corporation Limited (ISEC), a body jointly promoted by the National Federation of Cooperative Sugar Factories Limited (NFCSF) and the Indian Sugar Mills Association (ISMA), today announced the launch of Indian Sugar eMarket (ISeM)-an e-commerce platform for sale of sugar and its allied products.
The ISeM has been developed jointly by ISEC and NCDEX eMarket Limited (NeML). The online platform was launched today in New Delhi by Food Secretary Ravi Kant in presence of Adhir Jha, Managing Director and CEO, ISEC and Rajesh Sinha, Managing Director and CEO, NeML.
“The Indian domestic market for sugar is the largest in the world at over 25 million tonnes. To align this market with advancement in technology and the “Digital India” initiatives, ISEC and NeML have developed an online platform which attempts to integrate the sugar market at a national level and provide better selling options to the sugar mills while also provide more competitive rates to the buyers,” said Adhir Jha.
India is the largest consumer and second largest producer of sugar in the world. Sugar industry also happens to be the second largest agro-based industry in India and contributes significantly to the socio-economic development of rural population. Sugar industry supports 50 million farmers and their families and provides direct employment to over 0.5 million skilled and semi-skilled persons in sugar mills and integrated industries.
Bringing in efficiencies in the marketing of sugar and allied products would ensure greater and measurable benefits for the entire sugar sector in India. The e-commerce platform would provide for trade options on continued market basis as also forward and reverse options as per the requirements of the buyer or the seller. Besides better price discovery, the market would result in transparency of operations and ease of settlement of post trade formalities.
This e-platform is a step towards establishing a stable spot market for sugar and allied products which can serve as a base for the development of a vibrant future market in sugar in the times to come. The platform can be expanded beyond sugar to related by-products, including molasses, ethanol and bagasse as well as facilitating the purchase of consumables by the sugar mills.
With over 540 operational sugar mills in the country and a large number of institutional buyers besides wholesalers and sugar agents, the platform is expected to see increased turnover in the days to come.
Features of Indian Sugar eMarket
Seamless EMD Management with Direct Host to Host Banking Integration
Trade Management and Increase in Transparency & Auditability
Efficient Price Discovery Mechanism
Clearing & Settlement Mechanism
Continuous Market development – Increasing Buyer/Seller Base
Support for documentation as necessary
Handholding and Training for the empaneled Buyers/Sellers
Customized Systems- Best suited to Buyers and Sellers