India to start electronic tea auctions to boost sales
India will start electronic auctioning of tea from November to allow greater transparency in sales of the product, junior commerce minister said on Thursday.
A meagre 45 percent of tea output gets auctioned, and the electronic system will help grow sales through the auction centres, Jairam Ramesh told reporters in Kolkata.
Tea output in 2007 fell marginally to 944.70 million kg, from 956 million kg a year ago, according to the Tea Board.
Bulk of the country's tea output is sold through private sales in packages directly to primary buyers.
"Electronic auctioning will help better price discovery and reduce after sales payment period," he said.
Average domestic tea auction prices hovered around 67 rupees for a kilogram.
Tea is currently auctioned manually from six centres situated near gardens in southern and eastern India.
India currently has an electronic auction system for cardamom and is planning to start the same for chilli.
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