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LATEST NEWS UPDATES | The Fine Print of the Essential Commodities Act Ordinance Must be Carefully Parsed -Siraj Hussain

The Fine Print of the Essential Commodities Act Ordinance Must be Carefully Parsed -Siraj Hussain

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published Published on Jun 22, 2020   modified Modified on Jun 22, 2020

-TheWire.in

More clarity is needed on what will be considered an export order in case stock limit has to be imposed.

Out of the three game-changing ordinances issued by the Centre on June 5, 2020, the shortest and the most critical to the future of investment in agriculture is “The Essential Commodities (Amendment) Ordinance, 2020”.

The ordinance seeks to specify and restrict the conditions under which the government will be empowered issue regulations under the EC Act.

This year’s Economic Survey devoted one full chapter to the distortions in India’s agricultural economy. In particular, it noted that “blanket stock limits on commodities under Essential Commodities Act (ECA) neither brings down prices nor reduces price volatility”.

It is heartening that the government heeded the advice and undertook actual steps to accept some of the ideas from the survey.

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TheWire.in, 22 June, 2020, https://thewire.in/agriculture/the-fine-print-of-the-essential-commodities-act-ordinance-must-be-carefully-parsed


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