Tea Board to launch online auction serviceMarch 20th, 2008 - 9:09 pm ICT by admin
Kolkata, March 20 (IANS) The Tea Board of India Thursday inked an agreement with the National Stock Exchange’s (NSE) IT subsidiary, NSE-IT, to launch an e-auctioning system for the tea industry in India. “The e-auction service will be operational by November 2008. The new system would be transparent and be developed by NSE-IT,” union Minister of State for Commerce Jairam Ramesh told a press conference here Thursday.
He said the service would ensure reduced payment period and better-price-discovery mechanism for the tea industry in India.
“The union government is not mooting any law for making e-auction mandatory in the tea industry. The focus would be given to make this new system more viable and attractive for the buyers and sellers so that it could bring about bulk of the nation’s tea produce to the e-auction route,” he said.
Ramesh added that about 95 percent of the tea produced in Sri Lanka and Kenya came through the auction route compared to India’s only 45 percent.
“The e-auction platform would definitely increase the volume of tea output across the country,” he said.
In 2007, the tea output fell marginally to 944.70 million kg from 956 million kg a year ago.
Appealing to all the stakeholders to make the new e-auction drive successful, he said a similar system would also be introduced shortly in the tobacco industry.
“The online auction service has been launched to benefit every section of the industry,” the minister said.
- Technical glitch hits Darjeeling tea e-auction plan - Jun 18, 2012
- J. Thomas expects to auction over 200 mn kg tea this year - Dec 16, 2011
- Power plants to get some coal through e-auction route - Oct 12, 2011
- WBHIDCO to e-auction Rajarhat plots - May 16, 2012
- Darjeeling tea e-auction expected soon - Feb 08, 2012
- 'Tea auction in Kolkata to be fully electronic by April' - Jan 08, 2010
- Upasi to hold e-auctions for tea producers - Sep 14, 2010
- Centre will help revive Kangra tea: Anand Sharma - Apr 10, 2012
- Love your morning cuppa? Get ready to pay more - Feb 09, 2012
- India upbeat about tea exports this fiscal - Nov 19, 2008
- Government assures availability of coal to power plants - Oct 13, 2011
- Coal shortfall hits steel production in Bengal - Oct 18, 2011
- Coal shortage leads to power outages across India (Roundup) - Oct 12, 2011
- NIIT Tech to set up e-auction platform for tobacco board - Aug 01, 2012
- Tea Board earmarks Rs.300 crore for small growers - Apr 28, 2012
Tags: auction platform, auction service, buyers and sellers, discovery mechanism, jairam ramesh, kenya, kg, minister of state, national stock exchange, online auction, payment period, price discovery, sri lanka, stakeholders, subsidiary, tea board, tea industry, tobacco industry, union government, union minister