Finance minister announces third tranche of economic revival package

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News:The Union Finance Minister has announced the 3rd economic package under Atma Nirbhar Bharat to strengthen Infrastructure Logistics, Capacity Building, Reforms for Agriculture, Fisheries and Food Processing Sectors.

Facts:

  • Essential Commodities Act: Government will amend the Essential Commodities Act to deregulate cereals, pulses, onions and potatoes. Stock limits will be imposed under very exceptional circumstances like national calamities, famine with a surge in prices.
  • Contract Farming: Government will consider introducing a law on contract farming under the Contract Act of 1872 to enable farmers to directly engage with processors, aggregators, large retailers and exporters in a fair and transparent manner.
  • Micro Food Enterprises: Scheme promoting the government’s vision: ‘Vocal for Local with Global outreach’ will be launched to help 2 lakh MFEs who need technical upgradation to attain FSSAI food standards, build brands and marketing.
  • Operation Greens run by the Ministry of Food Processing Industries (MOFPI) will be extended from tomatoes, onion and potatoes to all fruits and vegetables.
  • Animal Husbandry Infrastructure Development Fund: This fund will be set up with an outlay of Rs.15,000 crore to support private investment in Dairy Processing, value addition and cattle feed infrastructure.
  • Beekeeping initiatives: Government will implement a scheme for Infrastructure development related to Integrated Beekeeping Development Centres, Collection, Marketing and Storage Centres, Post Harvest & value Addition facilities among others.