With the latest move, commodities such as cereals, edible oils, oilseeds, pulses, onions, and potato are likely to get deregulated as no stock limit will be applicable to processors or traders.
The Union Cabinet today approved the amendment to the decades-old Essential Commodities Act, following up on Finance Minister Nirmala Sitharaman’s ‘Atma Nirbhar Bharat’ economic stimulus measures, allowing for major deregulation of the agricultural market in India. Agriculture Minister Narendra Singh Tomar said that the amendment in the act will help to attract investments into the farm sector. With the latest move, commodities such as cereals, edible oils, oilseeds, pulses, onions, and potatoes are likely to get deregulated, as no stock limit will be applicable to processors or traders. Calling today as a historic day for the farm sector, the agriculture minister said that India got independence in 1947 but the country’s farmers are freed today.
The government also said that the farmers are now free from the clutches of the Agriculture Producer Market Committee (APMC), and now they can sell their produce anywhere at competitive prices. Farmers can also sell goods on electronic platforms, for which there will be no tax on sale outside APMC markets. These steps have been taken in tune with India’s vision to move forward as ‘one nation one market’, Union Minister Prakash Javadekar said.