DailyBrief: Farmer protests 2.0; and PM Modi's visit to UAE and Qatar

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Market Watch

• Indian benchmark indices ended the day in the green with the Sensex up 482.70 points at 71,555.19, and the Nifty up 127.30 points at 21,743.30.
• All sectoral indices barring Nifty Metal (-2%) ended the day in the green.

Farmers protest 2.0: What are they protesting this time?

Delhi now resembles a fortress, as the government has barricaded all roads entering the capital in anticipation of massive protests by farmers’ unions. As farmers began arriving at the Shambhu border in Haryana, police resorted to firing tear gas to disperse them, leading to clashes.

Here’s what the entry points into Delhi look like:

Here’s a look at the protesting farmers:

So why are the farmers protesting? The farmers have given a set of demands.

1. Guaranteed Minimum Support Price (MSP) for All Crops: Farmers are seeking a legal guarantee for MSP, which is a government-set price at which it purchases crops from farmers. So far, MSP is only provided on select crops, and it is up to the Centre to decide which crops are eligible for MSP.
2. Implementation of the Swaminathan Commission's Recommendations: This includes reforms aimed at enhancing the livelihood and well-being of farmers.
3. Pensions for Farmers and Farm Laborers: They are asking for financial security in the form of pensions of Rs 10,000.
4. Farm Debt Waiver: The farmers are demanding a waiver of their debts to alleviate financial stress.
5. Withdrawal of Police Cases: They want the government to withdraw cases against protesters involved in the farmers' movement in 2020-21.
6. Justice for Victims of the Lakhimpur Kheri Violence: Farmers demand strict action against those responsible for the violence in Lakhimpur Kheri in October 2021, where four protesting farmers died after being run over by a vehicle.
7. Reinstatement of the Land Acquisition Act 2013: They seek fair compensation for land acquired by various authorities for developmental projects and reservation of 10 percent of residential plots on developed lands for their families.
8. Withdrawal from the World Trade Organization (WTO): The farmers are demanding that India withdraw from the WTO and freeze all trade agreements.
9. Compensation for Families of Deceased Farmers from Previous Agitation: They are asking for compensation for the families of those who died during the previous protests, including a job for one family member.

The other side: Several groups including the Supreme Court Bar Association have urged action against the farmers as their blockade of Delhi affects essential services, like people who want to travel to AIIMS for medical treatments, lawyers and plaintiffs travelling to courts for urgent hearings, and even fuel supplies.

The intrigue: This time around though, Rakesh Tikait and Gurnam Singh Charuni - big names who led the 2020 protests are not the ones organizing these protests. This is because factions have emerged in the farmers’ unions over differences of opinion on how to tackle issues with the Centre.

• The Sanyukt Kisan Morcha (non-political) is now leading the protest which includes two large farmer organisations, BKU (Dallewal) led by Jagjit Singh Dallewal and Kisan Mazdoor Morcha led by Sarvan Singh Pandher.

Of note: Taking note of the demands, Rahul Gandhi has now stated that if voted to power, the INDIA bloc will implement a guaranteed MSP for all crops.

Tweet du jour

Subramanian Swamy’s reply to PM Modi, where he says it was Shah Rukh Khan and not PM modi who secured the release of the Navy veterans from Qatar. SRK has denied the claim.

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PM Modi’s visit to UAE and Qatar

PM Modi has landed in UAE and will inaugurate BAPS temple which is also the first Hindu temple in the Gulf country. Later, PM Modi will also visit Qatar. Before his departure, PM Modi released a statement on the significance of his visit.?

UAE:?In the UAE, PM Modi will hold bilateral talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan with a focus on the UAE-India Comprehensive Economic Partnership Agreement (CEPA).

• He has been invited to address the gathering of world leaders at the World Government Summit in Dubai, and he will also hold talks with Dubai's ruler Sheikh Mohammed bin Rashid.
• The 'Ahlan Modi' event, initially expecting over 65,000 attendees, has been scaled down due to weather conditions, with 35,000 to 40,000 individuals now expected to attend, including cultural program participants.

In Qatar, he will hold bilateral talks with Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar on topics including trade and investment, energy, and the digital domain.

• He will also discuss cooperation in culture and education, and an announcement on Petronet's LNG deal with Qatar (worth a staggering $78 billion) is also likely.

ICYMI

• India's weightage in the MSCI Global Standard Index has risen to a record 18.2% which may lead to an estimated $1.2 billion in foreign portfolio investor (FPI) inflows.
• Sporta Technologies - the parent company of Dream11 - has been admitted to the bankruptcy court by the NCLT.
• The Wharton School of the University of Pennsylvania has reclaimed the top position in the Financial Times' 2024 ranking of global MBA programs, but ISB and IIM A have also grabbed the #1 spot in other categories on the list.
• Madagascar's Parliament has passed a contentious law allowing for the chemical and surgical castration of individuals convicted of child rape.
• The European Union is considering sanctions on companies from China, India, and several other countries for aiding Russia's military efforts in Ukraine.
• The question arises whether India will head to polls without a viable opposition as Jayant Singh's RLD joins the NDA.
• A fourth IIT aspirant has been found dead in just a year in Kota, just a day after the JEE Mains result.