The use of IT has made it simpler for the participants to trade in the commodity markets; it has also led to higher levels of efficiency, improved risk management, thereby resulting in reduced cost of market participation, taking the online exchanges to unparalleled levels of competency. Riding on national level electronic online trading platform, MCX and other national level multi-commodity exchanges have brought in more transparency in the markets.
To
emerge as a globally competitive exchange, it is essential
to have cutting edge technology infrastructure that delivers
highest levels of transaction processing capabilities. Mission
critical applications related to commodity exchanges require
rich domain knowledge and technology expertise to create
a winning solution.
India
faces a diverse set of challenges as it strives to improve
its economy and play a significant role in the global economy.
One of the biggest challenges for the country would include
bringing reforms in the agricultural sector, which is lagging
over the years and also better management of commodities,
in terms of distribution and pricing. Unless there are strong
policy measures, it would be difficult to overcome these
obstacles and achieve the goal of being a developed nation.
To achieve this goal of being a developed nation and less
dependent on the developed world, there is a need to take
stock of current situation and plan what needs to be done
backed by a realistic timeframe. Considering the enormity
of the task, there is a need for an effective tool to continue
the growth impetus and there is no second thought that Information
and Communications Technology (ICT) can serve as a tool
to realize those dreams. In its resolve to ensure social
and economic development, the government has recognized
the power of ICT. However, changes of the required magnitude
cannot be achieved overnight and it requires a long-term
view. In this process, the government acknowledged the role
of public and private sector participation. |
