What is Unified Market Platform (UMP)
Rashtriya e-Market Services, Bengaluru has introduced Unified Market Platform (UMP), a trading platform for tendering / auctioning the agricultural produce brought by the farmers into the agricultural regulated markets in Karnataka. The trading platform is market friendly and combines technological efficiency and features of transparency to make trading a rich and rewarding experience. Traders can obtain unified market license and use this platform for bidding of the agricultural commodities that are available for sale in any market of the Karnataka state.
Traders use this platform to submit bids for commodity procurement and also to generate e-Permit through “Anytime – Anywhere e – Permit“ module. The platform offers complete flexibility in trading of commodities and reduces trade barriers.
Why Unified Market Platform (UMP) :
Unified market platform connects all markets of the state forming “One State – Single Market”. UMP enables automated price discovery mechanism and post e- tendering process (weighing, invoicing, market fee collection, accounting, payment of sale proceeds directly to farmers, e permit generation) in the agricultural markets. The platform also facilitates displaying assaying parameters of the commodities offered for sale, can be used for warehouse-based sales and supports commodity funding to benefit all stakeholders.
The Unified Market Platform has brought in transparency in market operations by making available real-time information of the quantity of the produce available for sale in each market, disseminates price information to the market participants and offers equal chance for every lot for being bid by a wider participation of buyers.
Byadgi market in Karnataka on some days received more than 1 lakh bids, the platform has capability to handle trade for this daily big volume. On introduction of UMP in the market the traders’ participation has increased by 225% on certain days when compared to their participation prior to introduction of UMP. Manpower requirement for auctioning has reduced drastically from 50 to 10. The farmer’s share in consumer’s rupee for Tur, Green gram and Bengal gram has increased from 40-55 % to 62-74%. In respect of Dry chilli, Groundnut, Tamarind and Paddy farmer’s share has increased from 34 -50 % to 59-63%. Modal price analysis of major commodities also showed that prices have improved significantly since implementation of UMP.
Status of UMP :
A total of 162 markets spread across 30 districts of Karnataka have been brought under the Unified Market Platform so far. Out of the 92 major notified commodities in Karnataka state 62 commodities are being traded on the platform. Till May 2018 about 151 lakh lots with a total quantity of 443 Lakh tons having a value of ₹ ₹ 97,003 crores, have been transacted on the Unified Market Platform ( UMP ).
Features of UMP :
- Real time information of the availability of produce for sale in each market to the market participants
- Unified Single Licence trading system across all markets
- 162 markets are integrated in Karnataka
- Generation of ‘Anytime-Any’-where e-Permit’
- 47 Lakh farmers registered in UMP
- 18,146 Commissioning Agent and 35,536 Traders registered