NEW DELHI : The Bill seeking to amend Essential Commodities Act of 1955 is designed to benefit corporates, said MP A.M. Arif.
As per the original law, government wielded rights to regulate buying of farm produce and their subsequent sale. This in turn, made it possible to curb inflation and volatility in broader markets. However, the new amendment strips government off those powers and allows private individuals to hoard any farm produce in whatsoever quantities one desires. The exercise will not serve to benefit the farming community in any manner although it will help reap fortunes for Ambani and Adani, and lend license to hoarding, said MP Arif in his argument against the Bill in Lok Sabha.