Mumbai: Multi Commodity Exchange of India Limited (MCX), India’s No. 1 commodity exchange and Mahindra Agri Solutions Ltd., a wholly owned subsidiary of Mahindra and Mahindra, have signed a Memorandum of Understanding (MoU) to provide agriculture related price information. This information would be available on their recently launched mobile application- ‘MyAgriGuru’, which is available for free on Google play store.
This MoU would enhance the decision-making ability of the farmers further. To start with, MCX would be providing price information, open interest information, spot price, future price and derived data (analytics) for all the agri commodities namely – CPO (Crude Palm Oil), Cotton, Cardamom & Mentha Oil. Additionally, this partnership also signifies the vision of the two leading organizations to empower farmers by offering knowledge based solutions, and is in line with the Government’s motive to digitize the agricultural sector.
Speaking on the development, Mrugank Paranjape, MD and CEO, MCX said, “We are pleased to have signed this MoU with Mahindra Agri Solutions. At MCX, we have always encouraged the participants in the value-chain of commodities to utilize our exchange platform and manage price risks. By partnering with Mahindra Agri Solutions, we hope to include participation from the grass root level in the agricultural value chain and support the Government’s initiative of significantly enhancing the farmer’s income by 2022.”
Ashok Sharma, President – Agriculture Sector, MD & CEO – Mahindra Agri Solutions Ltd. remarked, “We are delighted to sign this MoU with MCX. Our objective is to educate farmers by delivering complete information on agricultural products. Today, India is experiencing an exciting phase of Farming 3.0, where we are witnessing innovative and digital disruptions in Agriculture and an initiative like MyAgriGuru is a significant step in that direction. In line with our philosophy of Delivering FarmTech Prosperity, through this partnership, we will enable farmers to manage prices and will also provide them with solutions that boost both agricultural productivity and farm incomes substantially.”