India Suffers Loss Of US$475 Mln Per Day Due To Farmers' Protest

NEW DELHI, Dec 15 (Bernama) -- The Indian economy is suffering an estimated loss of 35 billion rupees (US$475 million) per day due to the ongoing protests by farmers against the government's new agricultural laws, a leading trade group said on Tuesday. Tens of thousands of farmers from agriculture-rich north Indian states such as Punjab and Haryana are encamped at key locations on Delhi's border for three weeks after they were stopped by police from entering the Indian capital to hold a mass demonstration to demand repeal of three federal laws they said would destroy their livelihoods and expose them to corporate exploitation. The protests are resulting in a daily loss of 35 billion rupees due to transport disruption and other activities in north India's interconnected regions, the Associated Chambers of Commerce of India (Assocham) said in a statement. The combined economies of Punjab, Haryana, Himachal Pradesh, and Jammu and Kashmir are around US$244 billion, according to Assocham. Economic activities have been hit due to the blockade of roads and railways, and key industries would find it hard to fulfil their export orders before Christmas, Assocham said. Farmer representatives and the central government have held several rounds of talks without an agreement. The government says the new market-oriented laws are needed to reform the agriculture sector and they would give greater freedom to farmers in selling their produce. As the protest sites have grown in size, the government has boosted police and security presence. -- BERNAMA