NEW DELHI: The Union cabinet headed by Prime Minister Narendra Modi on Wednesday approved amending the six-decade old Essential Commodities Act (ECA), days after finance minister Nirmala Sitharaman had said the government will do do.
The Act, which empowers government to impose curbs on stocking of farm produce, will be amended to make it in tune with the times and to attract investments into the farm sector.
After the amendment, commodities such as cereals, edible oils, oilseeds, pulses, onions and potato are expected to be deregulated.
No stock limit will apply to processors or value chain participants following amendment to the Essential Commodities Act, Sitharaman had said, adding that such limits will be imposed only in exceptional
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