The Union cabinet on Wednesday approved amending the 65 year old Essential Commodities Act (ECA). The amendments deregulated agricultural commodities like cereals, pulses, oilseeds, edible oils, onion and potatoes from the list of essential commodities. The cabinet was headed by Prime Minister Narendra Modi.
The cabinet also approved ‘The Farming Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020’ and ‘The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020′. This ordinance was approved with a view to empower farmers to engage with processors, aggregators, wholesalers, large retailers and exporters.
The government also approved ‘The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020’ to empower farmers to engage with processors, aggregators, wholesalers, large retailers and exporters.
Announcing the Cabinet decisions, Agriculture Minister Narendra Singh Tomar said, “This will go a long way in helping India’s farmers while also transforming the agriculture sector.” The projected amendment to the Essential Commodities Act is expected to dispel the fears of private investors of excessive regulatory interference, Tomar added.
(Feature image source: Telegraph India)
