On Friday, Finance Minister Nirmala Sitharaman unveiled plans for new legislation to implement agricultural marketing reforms, aiming to offer improved choices to India’s farmers.
The announcement was part of the third tranche of the Rs 20 lakh crore economic package introduced under the “Atmanirbhar Bharat (self-reliant)” initiative by Prime Minister Narendra Modi earlier in the week. The proposed central law aims to empower farmers by providing them with diverse options to sell their produce at competitive prices. Additionally, the law will facilitate barrier-free interstate trade and establish a framework for e-trading of agricultural products.
Sitharaman also disclosed plans to amend the Essential Commodities Act, with the objective of enhancing price realization for the country’s farmers.
Under the proposed changes, certain food items, including cereals, edible oils, oilseeds, pulses, onions, and potatoes, will be deregulated, and stock limits will only be imposed in exceptional circumstances such as national calamities or famine accompanied by a surge in prices.