Govt withdrew farm laws in fear of loss in polls: Cong

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New Delhi, Nov 19 | The Centre on Friday withdrew the three controversial farm laws with Prime Minister Narendra Modi himself announcing this in a Televised address. However, the Congress was quick to term it as ‘a decision taken in view of the forthcoming elections’.

P. Chidambaram said, “PM’s announcement on the withdrawal of the three farm laws is not inspired by a change of policy or a change of heart. It is impelled by fear of elections!”

“What cannot be achieved by democratic protests can be achieved by the fear of impending elections! Anyway, it is a great victory for the farmers and for the Congress party which was unwavering in its opposition to the farm laws,” he added

The government may have considered the politics around it, “Repealing of black laws a step in the right direction… Satyagrah of Kisan morcha gets historic success, You’re sacrifice has paid dividends… Revival of farming in Punjab through a road map should be the top priority for the Pb govt …accolades,” said Navjot Singh Sidhu.

The three farm laws that were passed last year around the same time have been a cause of widespread agitation with a consortium of farmers staging a protest, especially in northwest India and at Delhi’s doorsteps and earlier within the national capital too, demanding the government to repeal it.

“It seems some of the farmers are still not convinced by our sincere efforts. We have decided to repeal the three farm laws. The constitutional process to repeal these laws would be completed during the Parliament Session that would start at the end of this month,” Modi said in his address to the nation.

The Prime Minister also requested the agitating farmers to go back to their home.

He also announced to form a committee to discuss all farm related issues that will have states’ representation too.

The government decision comes ahead of the state polls which are slated early next year in Punjab, Uttar Pradesh and Uttarakhand, which have a sizeable population of farmers. In the recent setback in the bypolls, the government, which was advocating the benefits of three laws, decided to withdraw it.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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