The union cabinet on Wednesday approved amendments to the Essential Commodities Act, removing APMC restrictions for farmers. The amendment will deregulate food items like cereals, pulses and onion from stockholding limit.
The Essential Commodities Act will be invoked during inflation, war, or any other unforeseen circumstances.
The government said that the amendments will allow farmers to sell their produce anywhere and will make the agriculture sector more competitive.
While briefing the media, union minister Prakash Javadekar said: "Farmers have been freed from the constraints of the Agriculture Produce Marketing Committee (APMC)."
Javadekar said that "landmark decision" to liberalise the regulatory environment for farmers will not only benefit them, but "transform the agriculture sector".
Earlier, while presenting the contours of the Rs 20 lakh crore stimulus package finance minister Nirmala Sitharaman had said that the union would formulate a legal framework to enable farmers to sell their produce at attractive prices.
Sitharaman had then said that the framework would include enabling barrier-free inter-state trade as well as e-trading of agricultural produce.
First Published: Jun 3, 2020 4:59 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Prajwal Revanna Sexual Assault Case: Activist raises concerns over political interference, delayed investigation in the matter
Apr 30, 2024 10:17 PM