New Delhi, May 15: Union Finance Minister Nirmala Sitharaman announced three reforms for farmers and the agricultural sector. Detailing the third trance of the Rs 20 lakh crore economic package, which was earlier announced by the Prime Minister Narendra Modi, Nirmala Sitharaman announced amendments in the Essential Commodity Act (ECA), reforms in marketplace rules and protection measures for farmers. What Nirmala Sitharaman Announced for Farmers, Migrants, Street Vendors, Lower Middle Class in Part 2 of Aatma Nirbhar Bharat Economic Package.

Sitharaman said the government will amend the Essential Commodity Act, adding that agriculture foodstuffs including cereals, edible oils, oilseeds, pulses, onions and potato will be deregulated. "No stock limit shall apply for food processing units, value-addition corporations, exporters, etc," she said. The Finance Minister further said a central law will be formulated to provide choices to farmers for selling produce at attractive prices across states. PM Narendra Modi Lauds Economic Measures Announced by Nirmala Sitharaman to Mitigate Impact of COVID-19 on Indian Economy.

"Farmers are currently bound to sell only to some licenses in AMPCs. Such restriction of sale is not there for any industrial produce. We will now allow farmers to sell to anyone who offers a better price for their produce at whichever place. This will help them earn better," Sitharaman said. She also announced formulating a legal framework to ensure that farmers get a predictable price and predictable sales of their produce.

"Even when they sow the crop they do this with the uncertainty of what they will reap monetarily when a buyer comes. We will now work on a legal framework and a mechanism which will ensure they know exactly what they will earn for the quantity they produce," Sitharaman said. She also announced eight measures for the agriculture sector and allied activities such as fisheries, beekeeping and animal husbandry.

(The above story first appeared on LatestLY on May 15, 2020 05:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).