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News: Nafed will launch its own e-auction portal, NAFEX.in, to sell oilseeds and pulses, enhancing transparency and efficiency in agricultural commodity auctions.
About NAFEX.in Portal
- NAFEX.in is a digital auction portal to strengthen transparency, efficiency and technology-driven reforms in the cooperative sector.
- Launched by: It has been launched by the National Agricultural Cooperative Marketing Federation (Nafed).
- Developed by: It has been developed in collaboration with the consulting firm Deloitte.
- It will consider allowing state-level federations of cooperatives and agencies to conduct their e-auction on the portal.
- It is to strengthen transparency, efficiency and ease of operations in the auction process.
- Expected outcome: It is expected to provide a digital platform for streamlining auction-related activities and enhancing the overall functioning of NAFED in the interest of farmers, member institutions and stakeholders.
- Note: Currently, Nafed uses private platforms such as mjunction, NCDEX e Markets – NeML and E-Teach for selling about 5.3 million tonnes (MT) of pulses and oilseeds annually from farmers under the price support scheme (PSS) and price stabilisation fund (PSF).
- About Other Initiatives of Nafed: Several other important digital and farmer-centric initiatives of Nafed have also been launched:
- These include NAFED-KALYAN scholarship for children of farmers, the DRISHTI portal for inventory management of pulses and oilseeds, ERP portal for strengthening enterprise resource planning.
