The study looked at how well different types of futures contracts in India can help protect against price changes. They found that agricultural futures contracts are better at hedging (protecting against price changes) compared to non-agricultural ones. Recently, the effectiveness of hedging in Indian futures markets has improved. When comparing Indian futures contracts to global markets, they found that Indian contracts are more effective for hedging against global price changes. Reasons for lower effectiveness could be lack of awareness, high transaction costs, policy restrictions, or inadequate contract design. These challenges are common for new futures markets in developing economies.