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Withdrawing The Three Farms was a Kind Gesture By The PM.


Latest economic news: On Friday, the edible oil industry's Solvent Extractors' Association of India said the Prime Minister's announcement to abolish the three agricultural laws was "very noble," but that reforms were needed for the Indian agriculture sector to become competitive and enhance farmers' income.


The organization believed that agri-reforms will be conducted in a more politically palatable manner in the future. Prime Minister Narendra Modi declared that the government has chosen to abolish three farm regulations that had been the subject of farmer demonstrations for the last year, and he urged the protesting farmers to come home.


"Our Honourable Prime Minister has presented Punjab's protesting farmers with a Guru Purab gift. In any event, these Farm Bills were already on hold, and the Supreme Court was also involved. "With the firm resistance of the farmers for whose benefit these agricultural laws were meant, our Prime Minister's announcement of their withdrawal was really gracious," stated Atul Chaturvedi, President, SEA of India.


If the agriculture industry is to become competitive and raise farm incomes, he believes substantial reforms are required.

The current high MSP (minimum support price) cannot be sustained because it will harm consumers, according to Chaturvedi. To improve rural incomes, India's farm productivity levels, which are less than half of the global average in virtually all Agri commodities, must rise, he added.

"All we want is that Agri changes be done in a more politically palatable manner," the SEA president stated.


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