Briefing about the recent steps taken by the Government to improve the availability and to contain prices of essential food items, the Minister said in the union budget 2014-15, a sum of Rs.500 crore has been provided for establishing a Price Stabilization Fund with the objective of protecting the farmers from price volatility in agricultural produce.
The Minister said States have been also advised to impose stock limits in respect of onion and potato for a period of one year with effect from 3rd July, 2014 under the Essential Commodities Act. Based on interaction with the State Governments/UTs on 4th July, 2014, a decision has been taken to amend the Essential Commodities Act to make hoarding and black marketing a non bailable offence and increase the period of detention to one year from existing six months.