INSUBCONTINENT EXCLUSIVE:
The bill will boost investment in agriculture sector and will also create more storage capacity to reduce post harvest crop loss, said the
(Photo: PTI/Representational image)A bill was passed in Parliament on Tuesday to remove cereals, pulses, oilseeds, edible oils, onion and
potatoes from the list of essential commodities.The Essential Commodities (Amendment) Bill was approved by a voice vote in the Rajya Sabha
after it was approved by the Lok Sabha on September 15.The bill replaced an ordinance promulgated in June and is aimed at removing fears of
private investors of excessive regulatory interference in their business operations.Minister of State for Consumer Affairs, Food and Public
Distribution Danve Raosaheb Dadarao said that the stock limit conditions imposed through the law were hindering investment in agricultural
infrastructure.What is the Essential Commodities Act? All you need to knowHe added that the amendments to the six-and-half-decade law ensure
that stock holding limit on commodities will only be imposed under exceptional circumstances like calamities and famine.The minister said
the bill will boost investment in the agriculture sector and will also create more storage capacity to reduce post-harvest crop loss."This
amendment is in favour of both farmers and consumers," Dadarao added.He added that the changes in the 1955 law is a crucial step taken by
act was introduced when the country was not self-sufficient in food grains production
However, he added that the situation has changed and that is why the amendment was required.Centre to amend Essential Commodities Act to end
stock limit, ensure better price for farmers
