On Tuesday, Parliament passed the Essential Commodities (Amendment) Bill removing cereals, pulses, oilseeds, edible oils, onion and potatoes from the list of essential commodities and replacing an ordinance that promulgated in June.
The bill was first approved by the lower house on September 15 and then by a voice vote in Rajya Sabha.
Minister of State for Consumer Affairs, Food and Public Distribution Danve Raosaheb Dadarao said, “The stock limit conditions imposed through the law were hindering investment in the agriculture infrastructure.”
The bill is supposed to remove the fear of private investors of excessive regulatory interference in business operations. The amendments to the six-and-half-decade law provide that stock holding limit on commodities will only be imposed under exceptional circumstances like national calamities, famine with a surge in prices, the minister said.
The move will boost investment in the agriculture sector and will create more storage capacities to reduce the post-harvest loss of crops, the government claimed. “This amendment is in favour of both farmers and consumers,” he added.
Many opposition members staged a walkout from the House demanding that the suspension of the eight MPs be revoked.
