Finance Minister Arun Jaitley has said, development of the agriculture sector is priority for the NDA government.
Launching agri-commodity options in Guar seed in New Delhi Sunday morning, Mr Jaitley said, Centre is trying to increase income of farmers by new initiatives and schemes.
The Minister said, farmers have changed the scenario of economic growth of the country with their efforts and immense contribution.
The agri options initiative by the National Commodity and Derivatives Exchange Limited will give stakeholders a new set of financial instruments to hedge their price risks.
Options are derivatives which give a buyer the right but not the obligation to buy or sell an underlying asset or instrument at a specific price on or before a certain date.
Agri Options initiative will protect farmers from downward price movement as well as give them an opportunity to sell their produce at higher prices in case of price increase. It will create a win-win situation for farmers, irrespective of the price movement.