New Delhi, May 15: Finance Minister Nirmala Sitharaman held a press conference today to make announcements and reveal more details about the Rs 20 lakh crore economic package. One of the major announcement made was the amendment of the Essential Commodities Act, 1955. The Finance Minister announced that this would ensure a better price for the farmers. Also under this, potatoes, onions, cereals and oils to be deregulated. The announcements today focussed on the farmer welfare. Nirmala Sitharaman Announces 11 Measures For Agriculture, Animal Husbandry, Fisheries And Beekeeping Under Third tranche of Aatmanirbhar Bharat Economic Package, Know Details Here.

Essential Commodities Act, 1955 to be Amended:

Among the 11 measures announced today, eight related to strengthening capacity and infrastructure and the other three pertained to government and administrative reforms. Some of the other announcements made by the FM also included Rs 10,000 crore fund for micro food enterprises. This would benefit 2 lakh enterprises. The scheme promoted 'Vocal for local' vision which PM Narendra Modi announced during this address on the nation on Tuesday.

Among major announcements made by Sitharaman on Day 2, including the distribution of free ration to migrants or urban poor, even to the non-cardholders, for the next two months. She further announced that the scope of the Kisan Credit Card scheme would be expanded to the tune of Rs 2 lakh crore in the next couple of months. The announcements on Wednesday were targeted to mitigate the stress of labourers, migrant workers, small farmers, street vendors and tribals.

On Wednesday, Finance Minister started elaborating on the details of the financial package"Atma Nirbhar Bharat Economic Package" announced by PM Narendra Modi to kickstart the economy. In an attempt to make India self-sufficient in every way, the mega Rs 20 lakh crore package announced includes previously announced measures to save the economy of the country which has been largely hit by the COVID-19 pandemic.

(The above story first appeared on LatestLY on May 15, 2020 04:55 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).