Cabinet approves amendment in Essential Commodities Act: major decisions

Cabinet approves amendment in Essential Commodities Act: major decisions

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Union Minister Prakash Javadekar (Photo: ANI)

New Delhi: Union Cabinet on Wednesday announced the amendment Historical essentials act Which is acting as a barrier to investment. The cabinet met for the second time this week to make important decisions to boost the economy, which has been tarnished by the ongoing Kovid-inspired lockdown.
Giving information to the media after the meeting, which was chaired by Prime Minister Narendra Modi, Union Ministers Prakash Javadekar and Narendra Tomar said that the decision would benefit farmers and change the agriculture sector.
The main points of the briefing are as follows:
* Cabinet has approved historic amendments to the Essential Commodities Act. It was implemented at the time of scarcity, now there is no shortage: Javadekar
* The Act is acting as a hindrance to investment. This hanging sword has now been eliminated. Farmers demand for 50 years fulfilled today: Javadekar
* While India has become surplus in most agri-commodities, farmers have not been able to get better prices due to lack of investment in cold storage, processing and exports, as the spirit of entrepreneurship deteriorates due to the hanging of the Essential Commodities Act. .
* Like Commodities anaj, Oil, onion, potato have been removed under the Essential Commodities Act. This will allay private investors’ fear of excessive regulatory intervention: Javadekar
* Government approved the establishment of an Empowered Group of Secretaries (EGOS) and Project Development Cells (PDC) in Ministries / Departments to attract investment in India: Javadekar
* Center has allowed farmers to sell their produce on high yield guarantee based on mutual agreement. This will strengthen the supply chain, this is the first time India has taken such a decision: Javadekar
* Freedom of production, holding, movement, distribution and supply will exploit economies of scale and attract private sector / foreign direct investment in agriculture.
* The amendment will however be subject to rules in situations of war, famine, extraordinary price rise and natural disaster.
* Government approved ordinance to give freedom to farmers and traders to sell and buy agricultural products: Agriculture Minister Narendra Singh Tomar
* Farmers have been exempted from the fetters of the Agricultural Produce Marketing Committee (APMC) Act. They can now sell their produce anywhere and whoever gives them a better price has the freedom to sell it. This is a step towards ‘one nation one market’: Javadekar
* The announced amendments will help in bringing price stability to both farmers and consumers. It will also prevent wastage of agricultural produce due to lack of storage facilities: Agriculture Minister
* The cabinet also approved ‘The Farming Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020’ to ensure barrier-free trade in agricultural produce.
* The ordinance will create an ecosystem where farmers and traders will enjoy the freedom of choice of selling and buying agricultural produce. It will also promote barrier-free inter-state and intra-state trade and commerce outside the physical premises of notified markets under state agricultural production marketing organizations.
* The ordinance also proposes an electronic trading in transactions platform to ensure seamless trading electronically.
* Decisions will go a long way in helping India’s farmers: Tomar
* To empower farmers to engage with processors, aggregators, wholesalers, large retailers and exporters, the Cabinet approved the Farmers (Empowerment and Protection) Agreement on the ‘Urance Price Assurance and Farm Services Ordinance, 2020’.
* The ordinance will transfer the unexpected exposure of the market from the farmer to the sponsor and enable the farmer to use modern technology and better inputs. This will reduce marketing costs and improve farmers’ income.
* Farmers will engage in direct marketing, eliminating middlemen, resulting in full realization of value. It will act as a catalyst for attracting private sector investment to build supply chains to supply Indian agricultural products to global markets.
* Cabinet approves change of name Kolkata Port Trust Shyama Prasad Mukherjee as Trust: Prakash Javadekar
* Cabinet approves establishment of Pharmacopoeia Commission for Indian Medicine and Homeopathy (PCIM & H) as a subordinate office of Ministry of AYUSH

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