Farm Laws: Regulation-revolution?—Assessing the Need, Intent and Impact of the New Farm Laws from an Economic Perspective

Abstract

In September 2020, through a voice vote in the Rajya Sabha, the Indian Parliament passed the infamous three farm bills. This triggered a series of protests and resistance that manifested in one of the world’s biggest displays of dissent. A lot has been said about the intent and potential impact of the farm bills. India is a majorly agricultural economy, so not only do these farm bills hold the potential to disrupt our economy, the protests it has triggered are further indicative of a radical change. This article breaks down the intent of the now-repealed legislation, its potential impact on the economy, positive and negative, and how the resultant protests have impacted a country headed towards a recessionary period. The article marks battles won and lost, and paves a potential path forward. JEL Code: E6