Sitapur : Multi Commodity Exchange of India Ltd. (MCX) and Krishi Vigyan Kendra (KVK)—a district level extension education organization under the Indian Council of Agricultural Research (ICAR)—jointly organized a farmer awareness programme in 
The experts from MCX created an understanding among the farmers about the prudent use of the commodity futures market where prices of commodities, including mentha oil is discovered and disseminated far and wide. They further went on to explain in detail that the emergence of efficiently discovered prices and their dissemination is a source of empowerment to farmers, as the correct discovered prices enable them to take a number of informed decisions, such as deciding on the time of sowing, selling, storing and even on the choice of crop.
Mr. Sunil Mishra, Senior Manager-Business Development, MCX said, “It is noteworthy that the process of discovery of mentha oil prices on MCX is very transparent and takes place on electronic platform, which ensures that the participants on this platform are from any place within India, who bring in rich information while participating on this platform.”
“Further, I would like to apprise the gathering about the studies conducted by reputed institutions such as the United Nations Conference on Trade and Development (UNCTAD), IIM Calcutta, and IIM Lucknow which have recorded the significant benefits that accrue to mentha oil stakeholders, particularly farmers, from the efficient price discovery and dissemination platform that MCX provides for mentha oil”, he added.
Dr. Vinay Pratap Singh, Krishi Vigyan Kendra, Amberpur, Sitapur said “Mentha oil has been witnessing high volatility in its prices, which is a source of risk to the mentha farmers as the crop they grow is ultimately processed into oil, and, the distillation of mentha to produced oil mostly takes place on a small scale in the farmers’ fields itself. Hence, a platform such as MCX, for risk management and discovery of mentha oil prices is definitely very beneficial to mentha farmers.”
Dr. R. K. Srivastava, Assistant Director, Fragrance and Flavour Development Center (FFDC) while addressing the farmers, stressed on the adoption of best farm management practices and the use of seedlings of the best grade from recognized and reputed government institutes like FFDC, in order to increase the productivity.
In India, Mentha crop is economically significant not only for its contribution to the livelihood of thousands of farmers but also for its highly diversified industrial use in confectionary, cosmetics and pharmaceutical sectors. India is the largest producer and exporter of Mentha oil in the world. Mentha arvensis is cultivated in India mainly in Uttar pradesh, Bihar, Punjab and Uttarakhand. The all-India area under Mentha in the country is estimated at about 3-3.5 lakh hectares. India at present produces about 40,000 – 45,000 MT of mint oil. Significant part of Indian production is exported in the form of oil and various derivative products of Mentha Oil like menthol, crystals etc. In 2014-15 India exported 25,750 MT of mint oil and products, which earned it foreign exchange worth Rs. 2689.25 crore.