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ASSOCHAM Says Farmers Protest Results In A Daily Loss Of Rs 3,500 Crore

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) the apex trade association says due to the protest the Indian economy may bear a daily loss of around Rs 3,000 to 3,500 Crore.

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The Associated Chambers of Commerce and Industry of India (ASSOCHAM) says due to the farmers protest and the aftereffect of pandemic India is going to suffer a daily loss of around Rs 3,000 to 3,500 Crore. The body urged the government and the farmer leaders to resolve the matter on the new farm laws as soon as possible. It said that the states associated with the national capital like Punjab, Haryana, Himachal Pradesh, and Jammu and Kashmir economies are may bear a daily loss of Rs 3,500 crores every day.

ASSOCHAM President Dr. Niranjan Hiranandani said, "The size of the combined economies of Punjab, Haryana, Himachal Pradesh, and Jammu and Kashmir is Rs 18 lakh crore. With the ongoing farmers' agitation and blockade of roads, toll plazas, and railways, the economic activities have come to a halt. Industries such as textiles, auto components, bicycles, sports goods, which cater significantly to the export markets would not be able to fulfill their orders, ahead of Christmas, harming our goodwill amongst the global buyers."

General Secretary Deepak Sood said that supply chain disruptions are also taking a toll on the retail prices of fruits and vegetables. Sood said that industries and farmers are paying a heavy price for the disruptions, that have, ironically, come at a time when the economy started unlocking from the COVID-19 impact. Sood also added that ASSOCHAM would like to ensure the farmers that the core of the industry, business, and trade, big or small, is rural India where 50 percent of the citizens reside. He said that the industry has a big stake in the welfare of the farmers.

The farmers' protest, which has intensified over the past 20 days, has led to obstruction of traffic and road blockades across multiple checkpoints in the northern states of Delhi-NCR, Punjab, Haryana, Uttar Pradesh, and Rajasthan, and in the smaller measure in many other states.

Currently, the extended support of several states and the political leaders have intensified the agitation in several states with a loss in the economy. The government is trying its best to convince on the farm bills by keeping the communication open and Agriculture Minister Narendra Singh Tomar said that the government is ready to discuss the legislations once the farmers responded to a set of amendments proposed by the government. 


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