Sinha plans integrated market for agricultural products
Proposes further decontrol and deregulation of the agricultural sector
Union Finance Minister Yashwant Sinha, presenting the Union Budget for 2002-03 to Parliament on Thursday, said the government has reviewed the operation of the Essential Commodities Act, 1955.
Restrictive orders inhibiting storage, selling and movement of food and agricultural products are being removed.
The country now look forward to a countrywide integrated market for agricultural products. To continue this initiative, he has proposed further decontrol and deregulation of agriculture along the following lines:
Amendment of the Milk and Milk Products Control Order (MMPO) to remove restrictions on new milk processing capacity, while continuing to regulate health and safety conditions.
Removal of small scale industry reservations related to various agricultural equipment items.
Decanalization of the export of agricultural commodities and phasing out of remaining export controls.
Expansion of futures and forward trading to cover all agricultural commodities.
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