In this age of online shopping, when the entire world is turning into a one big market don’t you think there should also be an electronic market for our farmers and traders who can similarly trade their goods throughout India and benefit by selling their agricultural and manufactured goods in different markets? Of course, there must be, you would say. And therein lies the catch, because you are both right and wrong. Right, because yes, this kind of online trading platform would change the face of Indian economy, and wrong because such a market already existed but was forced shut by our own government!
Why?? The answer lies in Shantanu Guha Ray’s book, The Target! The book details how, pursuant to the then Prime Minister Dr.Manmohan Singh’s vision to create “single market” across the country for both manufactured and agricultural produce, in 2004, the National Spot Exchange Ltd was conceptualized by an entrepreneur and innovator Jignesh Shah and his FTIL Group.
The book describes how NSEL, a revolutionary venture, soon became an asset for the nation. Unfortunately, NSEL was forced shut by the FMC, the then regulator of commodities markets because of a payment default of Rs 5600 crore that took place on its platform in 2013. That was because 24 traders defaulted and could not pay for the goods for which they had received payments. Each investigating agency has proved that the entire Rs 5,600 crore layswith the defaulters but the government is hounding Shah. Why? For that, you must reach out for the book!