The union cabinet has approved amendment to the six-a-and-half decade old Essential Commodities act to deregulate food items, including cereals, pulses, and onion. It is a move which will transform the farm sector and help raise farmers’ income.
Approval were given to :
•The Farming Produce Trade and Commerce Ordinance 2020 for the barrier free trade in agricultural produce.
•The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance 2020 to empower farmers to engage with processors, aggregators, wholesalers, large retailers and exporters.
The proposed amendment to the Essential Commodities Act will allay fears of private investors of excessive regulatory interference. With the amendment to the act, commodities like cereals, pulses, oilseeds, edible oils, onions, and potatoes will be removed from the list of essential commodities.
Lawcutor 