Cabinet approves historic amendment to Essential Commodities Act, decision to benefit farmers

Prime Minister Narendra Modi-led Union Cabinet took several key decisions on Wednesday, including the approval of historic amendment to Essential Commodities Act which is expected to benefit farmers and transform the agriculture sector. The decision was announced by Union Minister Prakash Javadekar. "We have made farmer friendly amendments to the Essential Commodities Act," he told media. 

“Cabinet, chaired by PM Narendra Modi, has approved historic amendment to Essential Commodities Act; regulatory environment liberalized for farmers through this. Landmark decisions to benefit farmers and transform the agriculture sector,” Prakash Javadekar said. 

The government also approved setting up of an Empowered Group of Secretaries (EGoS) & Project Development Cells (PDCs) in Ministries/Departments for attracting investments in India. An approval was also given on establishment of Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) as Subordinate Office under Ministry of AYUSH.

Earlier this week, the Cabinet took several decisions for revival of MSMEs, loans to street vendors to Minimum support price for farmers. Modi government paved way for energising MSME Sector through 'AtmaNirbharBharat Package'. The Cabinet also approved modalities and road map for implementing 2 packages for MSMEs.

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A Rs 20,000 cr package was announced for distressed MSMEs while an additional Rs 50,000 cr equity was infused through Fund of Funds. Minimum support prices (MSP) for 14 kharif crops was increased by 50- 83%, to provide relief to the farmers.

 The Cabinet also increased cotton MSP by Rs 260 to Rs 5,515 per quintal for 2020-21.Paddy MSP was hiked by Rs 53 per quintal to Rs 1,868 per quintal for the 2020-21 crop year. The farmers have been given more time to repay their loans, till August now.