Government to amend 65-year old Essential Commodities Act to enable better price realisation for farmers
New Delhi: The authorities will amend the 65 years outdated Essential Commodities Act to allow higher worth realisation for farmers, Finance Minister Nirmala Sitharaman stated on Friday.
Agriculture meals stuffs together with cereals, edible oils, oilseeds, pulses, onions and potato will likely be deregulated, FM stated.
Announcing the third tranche of measures associated to Atmanirbhar Bharat, Sitharaman stated that the Essential Commodities Act, 1955 was enacted in days of shortage.
“Need to enable better price realisation of farmers by attracting investments and making agriculture sector competitive,” she stated.
The modification, moreover deregulating manufacturing and sale of meals merchandise, will present for no inventory restrict to be imposed on any produce.
A inventory restrict will likely be imposed solely below very distinctive circumstances like nationwide calamities, famine with a surge in costs.
Also, no inventory restrict shall apply to processors or worth chain members, topic to their put in capability or to any exporter topic to export demand she stated saying the third tranche of financial aid bundle.
FM’s bulletins targeted on 11 measures in the present day. eight of them associated to infrastructure associated to agriculture and allied actions and the remaining three pertained to governance and administrative reforms.
Sitharaman has stated that the Rs 20 lakh crore financial bundle is to spur progress and construct a self-reliant India. The bundle was finalised after consulting varied stakeholders.
It could also be famous that PM Modi in his speech had emphasised that daring reforms are wanted to make the nation self-reliant in order that the impression of disaster reminiscent of COVID may be negated in future that ranges from provide chain reforms for agriculture, rational tax system, easy and clear legal guidelines. He additionally pointed that measures have to be in place to draw funding and additional strengthen ‘Make in India’.
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