Discovering the details of the third tranche of COVID-19 relief package, Union Finance Minister Nirmala Sitharam proclaimed that the Centre has agreed on to amend Essential Commodities Act 1995 in order to support the agricultural industry which was worst-hit during corona provoked lockdown.
In a press conference held on Friday afternoon, Finance Minister said that the reforms focus on enabling better price realization for farmers.
Apart from this advancement, the Finance Ministry announced various estimates to support agriculture and allied activities, including fisheries which were badly hit by corona induced lockdown. In the third round of press briefing, Union minister revealed 11 measures, of which 8 focus on strengthening infrastructures, logistics, storage, and the rest 3 relate to govt and administrative reforms.
While interacting with the media, Minister announced a fund of Rs 10,000 Crore allotted for the formalization of Micro Food Enterprises (MFE). To help the Fisheries sector, Centre relaxes operations of Marine Capture Fisheries and Aquaculture to cover Inland Fisheries. In addition to this, a new scheme was introduced to give lower interest to dairy cooperatives. The interest subvention scheme will continue and will put an additional ₹ 5,000 crore in hands of 2 crore farmers.