Market regulator Forward Markets Commission (FMC) today said that commodity exchanges in the country would continue to grow despite the global financial crisis and expects turnover to rise by 18 per cent to touch Rs 60 lakh crore this fiscal.
"We should be able to achieve Rs 60,00,000 crore business in 2009-10 fiscal despite the economic crisis," FMC Chairman B C Khatua told PTI.
The turnover of three national exchanges and 19 regional exchanges is likely to rise by over 30 per cent to Rs 51 lakh crore last fiscal, notwithstanding the huge fall in volumes in agricultural futures, he added.
As per the data available with FMC, the turnover has crossed Rs 49 lakh crore till March 15 in the 2008-09 fiscal.
The futures trading in farm commodities declined by over 35 per cent between April 2008 and March 15 this year due to various factors like ban on few agri-commodities and recessionary pressure.
However, Khatua hopes "volumes will start picking up in farm commodities this year".
Besides, he said the volatility in bullion and energy would continue to generate good volumes on the commodity bourses in the current fiscal.
The bullion grew by over 71 per cent to Rs 27.75 lakh crore during last fiscal till March 15, contributing to half of the total turnover. A similar trend will be seen in the current fiscal as well, Khatua said.
