India

The bill will boost investment in agriculture sector and will also create more storage capacity to reduce post harvest crop loss, said the government.

(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 the government and it will help in doubling farmers’ income besides promoting ease of doing business.He said that the essential commodities 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





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