Budget 1997-98: Full Text
Controls on Agriculture
- The CMP said that all controls on agricultural products
will be reviewed and, wherever found unnecessary, will be
abolished. Only some regulations are by the Central
government, and a beginning is being made by abolishing a
few. The Rice Milling Industries (Regulation) Act, 1958
and the Ginning and Pressing Factories Act, 1925 will be
repealed. Licensing, price control and requisitioning
under the Cold Storage Order, 1964 will removed. The
Edible Oils and Edible Oil Seeds Storage Control Order,
1977 and the Cotton Control Order, 1986 will be invoked
only in well-defined emergency situations. Domestic
futures trading would be resumed in respect of ginned and
baled cotton, baled raw jute and jute goods. An
international Castor Oil Futures Exchange will be set up.
I urge State governments to follow this lead and abolish
as many controls as possible.
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