President Ram Nath Kovind Promulgates Essential Commodities (Amendment) Ordinance Act. 2020
President Ram Nath Kovind on Friday promulgated "The Essential Commodities (Amendment) Ordinance Act, 2020". After the approval of the President, the ordinance immediately came into effect. The government in Wednesday approved amendments in the “The Essential Commodities Act. 1955”.
New Delhi, June 5: President Ram Nath Kovind on Friday promulgated "The Essential Commodities (Amendment) Ordinance Act, 2020". After the approval of the President, the ordinance immediately came into effect. The government in Wednesday approved amendments in the “The Essential Commodities Act. 1955”.
The act was approved less than a month after Finance Minister Nirmala Sitharaman announced reforms for the agriculture sector as part of Rs 20 lakh crore "Aatma Nirbhar Bharat" package to mitigate the effect of coronavirus on the Indian economy. With this amendment, commodities like cereals, pulses, oilseeds, edible oils, onion and potatoes will be removed from the list of essential commodities. The decision was taken to attract investments into the farm sector.
Notification Issued by President's Office:
Apart from Essential Commodities (Amendment) Ordinance Act 2020, the President also promulgated tow other ordinances - "Farmers’ Produce Trade&Commerce (Promotion and Facilitation) Ordinance 2020" and 'Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance 2020' The ordinances aim at boosting the rural sector of India. The Union Cabinet approved these ordinances on Wednesday. It will create an ecosystem where the farmers and traders will enjoy the freedom of choice of sale and purchase of agri-produce.
(The above story first appeared on LatestLY on Jun 05, 2020 10:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).