Nirmala Sitharaman Press Conference LIVE | Essential Commodities Act amendments to give better price realisation for farmers, says FM
This is the third day of the FM outlining a tranche of the contours of India’s massive Rs 20 lakh crore fiscal stimulus package
Finance Minister Nirmala Sitharaman will address the media at 4 pm on May 15. This is the second day of the FM outlining a tranche of the contours of India’s massive Rs 20 lakh crore fiscal stimulus announced by Prime Minister Narendra Modi.
FM Sitharaman said the announcements will be made in tranches. The announcements on May 13 included six measures for MSMEs, 2 for EPF, 2 for NBFCs and MFIs, 1 for discoms, 1 for contractors, 1 for real estate sector, and 3 tax measures.
The second tranche on May 14 focused on migrant workers, street vendors, small traders, self-employed people and small farmers.
The financial stimulus announced by PM Modi on May 12 is almost 10 percent of India’s gross domestic product (GDP) and comes as the country battles the economic effects of the coronavirus pandemic.
This Rs 20 lakh crore figure, however, includes the previous Rs 1.7 lakh crore stimulus package announced by Finance Minister Nirmala Sitharaman and steps taken by the Reserve Bank of India (RBI) since lockdown began on March 24 midnight. These earlier measures now together account to Rs 7.79 lakh crore of the complete package.
FM Sitharaman LIVE | Watch Press Conference by Finance Minister Nirmala Sitharaman here
FM Sitharaman LIVE | First thing announced was to give money in the hands of the people. We are trying to extend it as much as possible. I grant it may not be enough, but we have announced Rs 500 for women per month for three months, we have announced the PF measures. We are listening to feedback: Sitharaman
FM Sitharaman LIVE | India not the only country with package mix of fiscal and initiatives. We are clear about what was included in the Budget and what is additional: Sitharaman
FM Sitharaman LIVE | Agriculture Produce Price and Quality Assurance will be provided. Farmers lack an enforceable standard mechanism for predictable prices of crops at the time of sowing. The private sector investment in provision of inputs and knowhow in the agriculture sector hindered. Thus, facilitative legal framework will be created to enable farmers for engaging with processors, aggregators, large retailers, exporters etc. in a fair and transparent manner. Risk mitigation for farmers, assured returns and quality standardisation shall form integral part of the framework: Sitharaman
FM Sitharaman LIVE | Agriculture Marketing Reforms to provide marketing choices to farmers will be provided. Farmers bound to sell agriculture produce only to Licensees in APMCS, but such restriction of sale is not there for any industrial produce. This results in hindrances in free flow of Agricultural Produce and Fragmentation of Markets and Supply Chain, which means less price realization for farmers. A Central law will be formulated to provide adequate choices to farmer to sell produce at attractive price, barrier free Inter-State Trade, and a framework for e-trading of agriculture produce. Important for farmer to have choice: Sitharaman
FM Sitharaman LIVE | Amendments to Essential Commodities Act to enable better price realisation for farmers (EC Act, 1955) was enacted in days of scarcity. We need to enable better price realisation for farmers by attracting investments and making agriculture sector competitive. Agriculture food stuffs including cereals, edible oils, oilseeds, pulses, onions and potato to be deregulated. Stock limit to be imposed under very exceptional circumstances like national calamities, famine with surge in prices. No such stock limit shall apply to processors or value chain participant, subject to their installed capacity or to any exporter subject to the export demand: Sitharaman
FM Sitharaman LIVE | Agriculture produce price and quality assurance
FM Sitharaman LIVE | Agriculture Marketing Reforms