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Union Minister of Textiles, Shri Shankersinh Vaghela, launched On Line Trading in Cocoon and Raw Silk in Mumbai today. The features of this On Line Trading will be:
· Quality based pricing.
· Absence of long distance transportation of goods.
· No senal bidding.
· Existence of organized spot markets in the commodity.
· Standardization of terms of quality parameters.
· Prevention of risk association with price rise & fall. No region specific, thus prevalence of a large number of buyer/seller community.
· Presence of quality testing and warehousing facilities.
· Presence of efficient price discovery mechanism.
For the first time in the country Online trading in silk will provide highly beneficial facility to traders of raw silk and manufactures of silk products.
UM/Hb
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