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Soya Meal

  • IASbaba
  • December 25, 2021
  • 0
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Soya Meal

Part of: Prelims and GS-III – Economy

Context In a bid to cool down the domestic prices of Soya Meal, Government has notified an Order under the Essential Commodities Act to declare ‘Soya Meal’ as an Essential Commodities up to 30th June, 2022 by amending the Schedule of the Essential Commodities Act, 1955.

Key takeaways 

  • The decision would empower the Union Government and all States/UTs to regulate production, distribution etc. of Soya Meal and to smoothen the sale and availability of this item in the market.
  • It will stop unfair market practices and enhance the availability for consumers like Poultry farm and Cattle feed manufacturers.

Essential Commodities (EC) Act, 1955

  • It is an act of Parliament of India. 
  • It was established to prevent hoarding of the essential commodities and to ensure their timely delivery so that normal life does not get affected. 
  • This includes foodstuff, drugs, fuel (petroleum products) etc.
  • There is no specific definition of essential commodities in The EC Act.
  • Section 2(A) of the act states that an “essential commodity” means a commodity specified in the “Schedule” of this Act.
  • The Act gives powers to the central government to add or remove a commodity in the “Schedule.” 
  • The Centre, if it is satisfied that it is necessary to do so in public interest, can notify an item as essential, in consultation with state governments.
  • By declaring a commodity as essential, the government can control the production, supply, and distribution of that commodity, and impose a stock limit.

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