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India: All you wanted to know about Essential Commodities Act

Posted on 20 September 2016

Last week, the Union food minister talked about considering imposing limits on retail prices of certain essential commodities. While India is a market economy where prices are ostensibly decided by demand and supply, certain laws empower the Centre to intervene in the market to protect consumer interests. The Essential Commodities Act (ECA) is one such key law.
The ECA was enacted way back in 1955. It has since been used by the Government to regulate the production, supply and distribution of a whole host of commodities it declares ‘essential’in order to make them available to consumers at fair prices………………………………………..Full Article: Source


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