Nirmala Sitharaman Announces Amendments In Essential Commodities Act 1995 To Enable Better Price Realization For Farmers

In a press conference held on Friday afternoon, Finance Minister said that the reforms in Essential Commodities Act focuses on enabling better price realization for farmers.

India's Finance Minister Nirmala Sitharaman speaks during a news conference in New Delhi on May 13, 2020. - Indian Prime Minister Narendra Modi unveiled a package worth $266 billion, or about 10 percent of India's GDP, to stimulate the economy. (Photo by Prakash SINGH / AFP)

New Delhi:Unveiling the details of the third tranche of COVID-19 relief package, Union Finance Minister Nirmala Sitharam announced that the Centre has decided to amend Essential Commodities Act 1995 in order to support the agricultural industry which was worst-hit during corona induced lockdown. In a press conference held on Friday afternoon, Finance Minister said that the reforms focus on enabling better price realization for farmers. Co-joined by by the MoS Anurag Thaku, Sitharaman said "Government will amend Essential Commodities Act to enable better price realisation for farmers. Agriculture foodstuffs, including cereals, edible oils, oilseeds, pulses, onions and potato, will be deregulated."

Sitharaman further stated that no such stock limit will apply to processors or value chain participants, subject to their installed capacity or to any exporter subject to the exporter demand. Apart from this development, Finance Ministry announced several measures to support agriculture and allied activities, including fisheries which were badly hit by corona induced lockdown. In the third round of press briefing, Union minister revealed 11 measures, of which 8 focus on strengthening infrastructures, logistics, storage and the rest 3 relate to govt and administrative reforms. While interacting with the media, Minister announced a fund of Rs 10,000 Crore allotted for the  formalisation of Micro Food Enterprises (MFE). To help Fisheries sector, Centre relaxes operations of Marine Capture Fisheries and Aquaculture to cover Inland Fisheries. In addition to this, a new scheme was introduced to give lower interest to dairy cooperatives. The interest subvention scheme will continue and will put additional ₹ 5,000 crore in hands of 2 crore farmers. Also Watch: