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The National Spot Exchange Limited (NSEL) was India’s first electronic commodity spot exchange that was established in view of the then Prime Minister’s vision to create a “single market” across the country for both manufactured and agricultural produce.
The Economic Survey of 2002-03 of the Government of India also recommended setting up a national-level, integrated market for agricultural products, as did the Planning Commission. This was followed by the Rangarajan Committee, which too sought a national spot market.