New farm laws will have multiple benefits for farmers: CEA Subramanian

Amid the ongoing controversy over the three new farm laws, Chief Economic Adviser K V Subramanian on Friday said legislations will have multiple benefits for the farmers.

Farmers, mainly from Punjab, Haryana and UP, are protesting against the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act, 2020, the Farmers Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, and the Essential Commodities (Amendment) Act, 2020.

"We are economists and talk about economics. And economics says that it (the farm laws) has many benefits," Subramanian said during a press conference.

Enacted in September, the three farm laws have been projected by the central government as major reforms in the agriculture sector that will remove the middlemen and allow farmers to sell anywhere in the country.

However, the protesting farmers have expressed apprehension that the new laws would pave the way for eliminating the safety cushion of Minimum Support Price and do away with the mandi system, leaving them at the mercy of big corporates.

President Ram Nath Kovind also on Friday strongly defended the three new agri laws saying their benefits have begun reaching 10 crore small farmers instantly.