This report presents a comprehensive analysis of the evolution and strategic orientation of the National Commodity & Derivatives Exchange (NCDEX), with a focus on its role in advancing agricultural market development in India. Drawing on both quantitative and institutional perspectives, the study highlights the potential of well-regulated, transparent commodity markets in improving price discovery, reducing transaction costs, and enhancing farmers’ market access. It also evaluates the structural and operational challenges facing agri-futures markets, including issues of limited participation, market volatility, and regulatory uncertainties. The report outlines pathways for strengthening market infrastructure, encouraging stakeholder engagement, and aligning policy frameworks with market realities. Through this partnership, Arcus contributes critical policy-relevant insights into how institutional mechanisms like NCDEX can be reimagined to foster inclusive and efficient agricultural marketing systems