Amazon of farming: FM Sitharaman shows future to farmers; says, bury old systems that have outlived

By: |
Updated: November 12, 2019 1:21:12 PM

The states should dismantle agriculture produce marketing committees (APMCs) and join the electronic national agriculture market (eNAM), finance minister Nirmala Sitharaman said at an event on Tuesday.

Nirmala Sitharaman, economy, FSDC, indian economy, RBI, Shaktikanta Das, SEBI, Securities and Exchange Board of India, economy news, india newseNAM is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. (Representational)

The states should dismantle agriculture produce marketing committees (APMCs) and join the electronic national agriculture market (eNAM), finance minister Nirmala Sitharaman said at an event on Tuesday. The central government is pushing for eNAM, a pan-India electronic trading platform since the APMC platform has outlived its utility, Nirmala Sitharaman said at the 6th world congress on rural and agriculture finance. “eNAM is being pushed very much by the union government. Hope states are cajoled into rejecting APMC. APMC has outlived its utility,” she added. The Modi government is working on a plan to link all the 7,500 APMCs along with the weekly and bi-weekly temporary markets across the country with e-NAM-the centralised online commodities trading platform by FY22. e-NAM is sort of equivalent to online marketplace Amazon and Flipkart which provides platform for farmers to sell their produce online.

eNAM is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. The eNAM portal provides a single-window service for all APMC related information and services. This includes commodity arrivals and prices, buy and sell trade offers, provision to respond to trade offers, among other services. eNAM platform launched in April last year has only seen 4 per cent of the wholesale trade in farm commodities shifting to it, Financial Express reported in July 2019.

Also read: Modi’s PM Fasal Bima Yojana under stress: ICICI, Tata, two other private insurers drop out of scheme

The government has put rural development and farmer concerns on a larger map, she said 10,000 farmer produce organisations (FPOs) will be formed. Finance Minister also talked about the ongoing concerns around edible oil imports saying that the government is trying to encourage oilseed production rather than crops that get a high MSP. She also said that need to take up water management very quickly to relieve water stress. The government is also looking to provide farmers with a Kisan credit card, she noted. Adding, she said that providing health cards to farmers is a very reformatory step.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Modi’s PM Fasal Bima Yojana under stress: ICICI, Tata, two other private insurers drop out of scheme
2India’s industrial output growth hits 8-year low
3Lukewarm response to indirect tax legacy dispute resolution scheme