NAFED’s digital auction portal ‘NAFEX.in’:
Union Home Minister will launch NAFED’s digital auction portal ‘NAFEX.in’ in New Delhi to modernize agricultural auctions and improve transparency in cooperative marketing.NAFEX.in is a digital agricultural auction platform developed by the National Agricultural Cooperative Marketing Federation of India (NAFED).It provides an online, transparent, and technology-driven mechanism for conducting auctions of agricultural commodities and cooperative produce.Aim is to enhance transparency, efficiency, and accountability in agricultural auctions,to strengthen cooperative marketing and provide a seamless digital trading ecosystem for farmers and stakeholders.
Functions:
- Conducts online auctions for agricultural commodities, eliminating manual processes and increasing transparency.
- Enables competitive bidding, helping determine fair market prices through transparent price discovery mechanisms.
- Connects farmers, cooperatives, traders, processors, and institutional buyers through a common digital platform.
- Reduces paperwork, speeds up transactions, and facilitates easier monitoring and record management.
