NEW DELHI: The union cabinet approved amendment to the Essential Commodities Act, 1955, on Wednesday, less than a month after Finance Minister Nirmala Sitharaman announced the central government’s intention to take such a measure.
“This is a visionary step towards transformation of agriculture and raising farmers’ income,” the cabinet said.
In a series of announcements she made last month, Sitharaman had said her government would amend the act to deregulate cereals, edible oil, oil seeds, onions and potatoes. She also said stock limits will be subject to the installed capacity and this facility will also be extended exporters.