Farm laws to empower marginal farmers: Chief Economic Adviser KV Subramanian – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/agriculture/farm-laws-to-empower-marginal-farmers-cea/articleshow/80886244.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis

“From an economic perspective and from common knowledge, it is clear that the intention of these (farm) laws are purely to empower small farmers,” Subramanian said, adding, “In my opinion, whatever else is being said about them are rumours.”

New Delhi: The intent of the new farm laws is to empower marginal farmers and anything else being said about them are rumours, chief economic adviser (CEA) KV Subramanian said during a televised event on Friday.

“From an economic perspective and from common knowledge, it is clear that the intention of these (farm) laws are purely to empower small farmers,” Subramanian said, adding, “In my opinion, whatever else is being said about them are rumours.”

While large farmers have the option to sell outside the Agricultural Produce Market Committee (APMC) markets, or mandis, and get better prices for their produce, smaller farmers had to sell at lower prices in the mandis, according to the CEA.

“The farm laws are trying to give this option (to sell outside mandis) to the small farmers,” he said.

Subramanian was speaking at a ‘Talkathon’ where he answered questions on the Budget sourced from Twitter users.

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Fiscal deficit
The CEA said he is confident that India will not only achieve but improve its fiscal deficit target of 6.8% of gross domestic product (GDP) for FY22, considering that the Budget estimates are very conservative.

While about 1.2% of the deficit came from the inclusion of off budget items into the Budget, tax revenue growth has been taken at 16.5% whereas it is likely to be 18.5% considering the tax buoyancy, Subramanian said.

Further, the non-tax revenue target of Rs 1.75 lakh crore for FY22 was also likely to be achieved considering the initial public offering of Life Insurance Corporation of India scheduled for the coming fiscal along with the privatisation of Air India, Bharat Petroleum and CONCOR, he said.

“In this target of Rs 1.75 lakh crore, the disinvestment of two public sector banks and one insurance company has not been included. So, with all this combined, we can do better than the 6.8% target,” Subramanian said.
( Originally published on Feb 12, 2021 )

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