The decision was taken in the weekly cabinet meeting today.
A cabinet sub-committee headed by Animal Husbandry and Dairy Development Minister Mahadeo Jankar will study the issue and submit a report, a government source said.
The Supreme court has banned the bullock cart races.
After Jallikattu, the traditional bull-taming sport, was legalised in Tamil Nadu through an ordinance following an agitation though the apex court had banned it, demand for similar measure for bullock cart races in Maharashtra was made.
The bill is expected to be introduced by April 5.
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