New Delhi: :An expert committee set up in March 2006 to study if futures trading influenced spot prices of agricultural commodities will neither recommend a ban nor favour continuing trading in essential commodities.

“The report will be presented to the Minister of Consumer Affairs within two-three days, though it won’t be a unanimous report,” said Abhijit Sen, chairman of the committee and Member (Agriculture) in the Planning Commission. Sharad Pawar, who is the Agriculture Minister, also handles Consumer Affairs.

“The committee has come to the view that it is virtually impossible to make any statement this way or that way regarding a causal relationship between spot prices and futures prices. Moreover, the terms of reference of the committee do not include any obligation to make recommendations about the future of futures market, and therefore we don’t have to say anything about whether it should continue or not,” said Sen.

Sharad Joshi, Rajya Sabha MP and member of the expert committee, said a “common minimum report” that would manage the differences amongst members would be submitted to the government. It will also have a separate note from all five members.

“Though the media and certain Left economists have given the impression that futures trading is bad for farmers, my personal view is that farmers should be given the opportunity to derive advantages from the future market,” Joshi said.

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