Skip to content
Search

Latest Stories

India budget ignores farmers' plight, protest leaders say

India budget ignores farmers' plight, protest leaders say

Indian farmers angry at agricultural reforms said on Monday the annual budget failed to address their concerns, with no mention of raising incomes or generating jobs, and vowed to press on with their protests.

Tens of thousands of farmers have camped out on the outskirts of New Delhi in protest against the laws introduced by prime minister Narendra Modi's government in September.


The government says the new laws will open up opportunities for farmers. Protesters say the laws benefit large private buyers at the expense of growers.

In her annual budget, finance minister Nirmala Sitharaman raised healthcare spending by 135 per cent and lifted caps on foreigners investing in the insurance sector.

She raised the target of agricultural credit to 16.5 trillion rupees ($225.74 billion) from 15 trillion rupees and said the government would raise 300 billion rupees in the next fiscal year with a new tax to boost agricultural infrastructure.

"Forget about these targets," protest leader Kirankumar Visa said. "There is not even one measure to either raise farmers' income or generate jobs in the countryside. She didn't talk about her government's promise of doubling farmers' income by 2022."

Police and paramilitary forces dug ditches and spread razor wire across main roads into New Delhi to prevent farmers entering the capital as Sitharaman prepared to deliver the annual budget in parliament. Internet and messaging services were blocked in several neighbourhoods.

"Although the government has tried to isolate farmers by using barricades, razor wire and shutting down the internet, we are determined to carry out our peaceful protests," said Rakesh Tikait, president of one of the largest farmers' unions, the Bharti Kisan Union.

A farmers' procession turned violent on Republic Day on Jan. 26, when some protesters broke away from a rally of tractors to storm the historic Red Fort complex.

More For You

Wealthy individuals
5 key reasons why UK is losing its billionaires while global rich-list grows 300 per cent
iStock

5 key reasons from Knight Franks' wealth report on why the UK is losing its billionaires

  • Global ultra-wealthy population jumps over 300 per cent since 2021
  • UK billionaire count drops to 156, biggest fall in 37 years
  • Policy shifts, mobility and weaker investment appeal drive the change

A fresh global wealth snapshot shows just how sharply fortunes are rising. The number of individuals worth at least $30m (£22m) has surged from 162,191 in 2021 to 713,626 now, an increase of more than 300 per cent, according to analysis by Knight Frank. The billionaire population, currently at 3,110, is projected to grow by 25 per cent to 3,915 by 2031.

This rapid expansion is being fuelled largely by technology-led wealth creation. As Liam Bailey of Knight Frank reportedly said in a news report, the ability to scale businesses faster, particularly in sectors like artificial intelligence, is accelerating how quickly large fortunes are built.

Keep ReadingShow less