Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

India's Modi invites protesting farmers for talks on farm bills

Published 02/10/2021, 08:11 AM
Updated 02/10/2021, 09:56 AM
© Reuters. Protest against farm laws at Bhainswal village

By Mayank Bhardwaj

NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi on Wednesday invited protesting farmers for talks to address growers' concerns about three new agricultural laws that seek to deregulate the country's vast farm sector.

Tens of thousands of farmers have been camping out on main highways on the outskirts of New Delhi for more than two months in a bid to force the government to withdraw the new laws they say benefit private buyers at their expense.

Defending the laws passed by his government in September, Modi said: "The laws give farmers the freedom to directly sell produce to buyers, unshackling them from the age-old restriction of selling crops only through wholesale markets."

The laws were designed to give an option to farmers, without weakening existing wholesale markets, Modi told parliament. Lawmakers from the main opposition Congress party walked out of parliament, expressing solidarity with the protesting farmers.

Protesting farmers accuse the government of introducing the laws to help large private retailers. Growers say the laws will gradually make traditional wholesale markets irrelevant and farmers will be left at the mercy of private buyers.

Modi said India's agriculture sector needed investment to help modernise the food supply chain and improve infrastructure, critical to raising farmers' incomes, and India's private sector should not be viewed with suspicion.

"India's private sector has played an important role in the nation's welfare, and we need wealth creators here," he said.

Stressing the need to switch to profitable crops such as fruit and horticulture, Modi said Indian farmers needed to look beyond growing rice and wheat.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

After years of bountiful harvests, India struggles with bulging inventories of rice and wheat worth billions of dollars that lie unsold in government warehouses.

Modi also asked protesters and their supporters to stop vandalising toll plazas and telecommunication masts.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.