Centre to phase out remaining controls on farm exports

Agricultural Produce Marketing Act to be amended to enable farmers to sell products directly to potential processors

Union Finance Minister Yashwant Sinha told Parliament today that it would phase out remaining export controls on agricultural commodities and expand futures and forward trading to cover all farm products.

In his Budget speech, Sinha said the government would promote agricultural export zones in different states to boost farm exports.

India already allows futures trading in about 35 commodities including sugar, several oils, oilseeds, fibres, pepper and castor seed. Futures trading in grains such as wheat and rices and precious metals such as gold and silver are still banned.

Sinha said the Agricultural Produce Marketing Act would be amended to enable farmers to sell products directly to potential processors to help them get better prices.

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