In a first for India, the National Commodity & Derivatives Exchange (NCDEX) is set to launch two weather-sensitive indices — ‘Weather Index’ and ‘Rain Index’. The exchange has tied up with private weather forecasting company Skymet to source data points and analyse them to put out a composite value.

While the composite Weather Index would be a seasonal guide, the Rain Index would show daily variations in the value depending on actual rainfall across the country and long seasonal variations from the same date last year. The value of the Rain Index may turn