G RAM G Debate: Farmers seek cost relief, wage security

G RAM G Debate: Farmers seek cost relief, wage security


A section of farmer unions, while welcoming provisions such as a break in public works during peak sowing and harvesting seasons, is pushing for a more fundamental rethink

Farmer organisations are split over the newly-enacted G RAM G law that has replaced the two-decade-old MGNREGA framework, but a key strand of opinion is emerging from the farm sector: the programme should be leveraged to lower farmers’ input costs while simultaneously guaranteeing minimum wages for agricultural labourers.

A section of farmer unions, while welcoming provisions such as a break in public works during peak sowing and harvesting seasons, is pushing for a more fundamental rethink. Their demand is that agricultural operations on farmers’ fields be brought within the ambit of job work under the new law, allowing MGNREGA-style employment to directly support farm productivity.

Articulating this view, Abhimanyu Kohar, a leader of Samyukt Kisan Morcha (non-political), said farmers had long demanded a halt to MGNREGA works during critical farm periods because of acute labour shortages in agriculture. “We now want to go a step further. The government should notify agricultural work on farmers’ fields as eligible job work under the new law,” he said. Such a linkage, he argued, would ease labour availability while reducing the overall cost of cultivation.

Manual harvesting

Kohar pointed to the recently harvested basmati crop in Haryana to underline the problem. This season, the cost of manual harvesting rose so sharply that Pusa 1121 paddy fetched ₹4,100–4,200 per quintal when manually harvested, compared with ₹3,100–3,200 per quintal when harvested by combine. “Earlier, the difference between manually and machine-harvested crop used to be ₹200–300 per quintal. This year it jumped to nearly ₹1,000,” he said, reflecting the scarcity and rising cost of farm labour.

Under the proposed linkage, Kohar explained, the government would pay labourers the notified minimum wage, while farmers would top up the difference between that wage and the prevailing market rate for agricultural work in many northern states. This, he said, would marginally reduce farmers’ cost of production, protect minimum wages for labourers, and potentially improve farm profitability.

Private farmland

The demand to include agricultural activities under MGNREGA or its successor is not new and has been raised earlier by parliamentary panels as well. Successive governments, however, resisted the idea, citing administrative and monitoring challenges associated with allowing public employment works on private farmland.

At the other end of the spectrum are unions that are outright opposed to the new framework. The Samyukt Kisan Morcha (SKM), formed during the 2020 agitation against the now-repealed farm laws and currently a diminished collective after several groups exited, has called for a complete rollback of the new legislation. On December 26, 2025, the SKM appealed to the President to restore and strengthen MGNREGA and repeal the VB-G RAM G law. It has also joined hands with central trade unions to observe an “All India Resistance Day” on January 16 against the legislation.

The government last month repealed the Mahatma Gandhi National Rural Employment Guarantee Act, 2005, and replaced it with the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, which was passed in Parliament by voice vote amid protests from the Opposition. As the debate sharpens, the fault line among farmer organisations is clear: while some reject the law outright, others see scope for recalibrating it to support farm economics without undermining wage security for rural labour.

Published on January 9, 2026



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SEBI proposes sweeping clean-up of trading norms to ease compliance for exchanges

SEBI proposes sweeping clean-up of trading norms to ease compliance for exchanges


SEBI has also proposed merging the two disclosure frameworks and clarifying that bulk deal information should be disseminated at the client level, mapped to PAN, rather than at the unique client code level
| Photo Credit:
ABEER KHAN

The Securities and Exchange Board of India (SEBI) has proposed a wide-ranging overhaul of trading-related rules for stock exchanges, aimed at simplifying regulations, removing duplication and reducing compliance costs, as part of its ease of doing business agenda.

The regulator has suggested consolidating and rationalising provisions under Chapter 1 (Trading) of the master circular for stock exchanges and clearing corporations, along with relevant sections of the commodity derivatives master circular. The proposed framework would apply uniformly across equity cash, equity derivatives and commodity derivatives segments.

SEBI has also proposed merging the two disclosure frameworks and clarifying that bulk deal information should be disseminated at the client level, mapped to PAN, rather than at the unique client code level. Since exchanges already have access to client-level data, this would reduce back-and-forth with brokers while ensuring the original regulatory intent of transparency, the regulator said in a draft paper on Friday.

MTF norms

In margin trading, SEBI has proposed raising the minimum net-worth requirement for brokers offering margin trading facility (MTF) to ₹5 crore from the current ₹3 crore, with exchanges given the flexibility to prescribe higher thresholds. The timelines for submitting net-worth and auditor certificates are also proposed to be aligned with financial reporting cycles, easing compliance pressure.

A significant revamp has been proposed for liquidity enhancement schemes (LES) and market making. SEBI plans to subsume market making schemes into a single, principle-based LES framework applicable across segments. The proposal replaces multiple layers of approvals and monitoring with a single half-yearly board review and removes the requirement for exchanges to submit half-yearly effectiveness reports to SEBI.

To support newer exchanges or new segments, SEBI has proposed allowing incentives of up to 25 per cent of net worth for the first five years of operations in a segment, subject to safeguards against artificial volumes or market manipulation.

Other changes include tabulating rules on circuit breakers, price bands and pre-open auctions for better clarity; deleting obsolete provisions on negotiated deals and FPI exemptions; simplifying PAN and client code rules; and allowing more flexibility for genuine client code modifications without penalty.

SEBI has invited public comments on the proposals by January 30.

Published on January 9, 2026



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SEBI proposes sweeping clean-up of trading norms to ease compliance for exchanges

SEBI proposes sweeping clean-up of trading norms to ease compliance for exchanges


SEBI has also proposed merging the two disclosure frameworks and clarifying that bulk deal information should be disseminated at the client level, mapped to PAN, rather than at the unique client code level
| Photo Credit:
ABEER KHAN

The Securities and Exchange Board of India (SEBI) has proposed a wide-ranging overhaul of trading-related rules for stock exchanges, aimed at simplifying regulations, removing duplication and reducing compliance costs, as part of its ease of doing business agenda.

The regulator has suggested consolidating and rationalising provisions under Chapter 1 (Trading) of the master circular for stock exchanges and clearing corporations, along with relevant sections of the commodity derivatives master circular. The proposed framework would apply uniformly across equity cash, equity derivatives and commodity derivatives segments.

SEBI has also proposed merging the two disclosure frameworks and clarifying that bulk deal information should be disseminated at the client level, mapped to PAN, rather than at the unique client code level. Since exchanges already have access to client-level data, this would reduce back-and-forth with brokers while ensuring the original regulatory intent of transparency, the regulator said in a draft paper on Friday.

MTF norms

In margin trading, SEBI has proposed raising the minimum net-worth requirement for brokers offering margin trading facility (MTF) to ₹5 crore from the current ₹3 crore, with exchanges given the flexibility to prescribe higher thresholds. The timelines for submitting net-worth and auditor certificates are also proposed to be aligned with financial reporting cycles, easing compliance pressure.

A significant revamp has been proposed for liquidity enhancement schemes (LES) and market making. SEBI plans to subsume market making schemes into a single, principle-based LES framework applicable across segments. The proposal replaces multiple layers of approvals and monitoring with a single half-yearly board review and removes the requirement for exchanges to submit half-yearly effectiveness reports to SEBI.

To support newer exchanges or new segments, SEBI has proposed allowing incentives of up to 25 per cent of net worth for the first five years of operations in a segment, subject to safeguards against artificial volumes or market manipulation.

Other changes include tabulating rules on circuit breakers, price bands and pre-open auctions for better clarity; deleting obsolete provisions on negotiated deals and FPI exemptions; simplifying PAN and client code rules; and allowing more flexibility for genuine client code modifications without penalty.

SEBI has invited public comments on the proposals by January 30.

Published on January 9, 2026



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Urea availability likely to improve in January

Urea availability likely to improve in January


Urea availability may be better in January, reducing concerns of farmers as the closing stock was 38.79 lakh tonnes (lt) as of January 2, against the demand estimate of 32.98 lt for the entire month. The availability will also improve with domestic production and import adding to the supplies whereas the demand will reduce next month with completion of sowing of winter crops, experts said.

According to latest data, the closing stock (as on January 2) of di-ammonium phosphate (DAP) was at 17.22 lt, that of Muriate of Potash (MOP) was at 6.14 lt, complex (combination of N, P, K nutrients) at 35.33 lt and single super phosphate (SSP) at 18.41 lt.

Based on the states’ feedback, the Centre has estimated January demand of DAP at 4.04 lt, MOP at 2.35 lt, complex at 11.97 lt and SSP at 3.83 lt. November-December is the peak sales period of fertiliser for Rabi crops and timely availability of fertilisers is a key factor for achieving targetted production.

Higher demand estimate

This year’s demand estimation for January is higher in case of urea, MOP and complex, whereas it is marginally lower in DAP and SSP. Industry sources said that the government would like farmers to shift from DAP/SSP to complex fertilisers, to help improve soil fertility and also reduce import of phosphatic fertilisers.

The industry data show that India’s import of DAP surged 54.4 per cent to 55.4 lt in April-November of this fiscal despite 1 per cent drop in sales as domestic production, also from imported raw material, has dropped by 5 per cent in this period. Even, import of urea too surged 120 per cent to 71.7 lt and its domestic production dipped 4 per cent to 197.5 lt in this period. In case of MOP, India meets entire demand through import as there is no domestic production.

Meanwhile the Fertiliser Ministry on Friday issued a statement saying nearly 73 per cent of the country’s total fertilizer requirement was met through domestic production in 2025 (January-December).

Long-tem pact priority

It reinforces the vision of Atmanirbhar Bharat, the Ministry said adding there is significant reduction in the country’s dependence on fertilizer imports.

“The Government continues to work tirelessly to empower farmers, promote self-reliance, and ensure a reliable and uninterrupted supply of fertilizers across the country,” it said.

With a strong focus on fertilizer security and timely availability of nutrients to farmers, the Government has prioritised long-term supply agreements for key raw materials and adopted a strategy of strategic diversification to safeguard against global uncertainties and supply disruptions.

Total domestic production of fertilisers, including urea, DAP, NPKs and SSP has increased from 509.57 lt in 2024 to an all-time high of 524.62 lt in 2025, it said.

“The growth in domestic production has been driven by the establishment of new fertiliser plants, revival of previously closed units, promotion of indigenous manufacturing, and assured availability of raw materials,” it said.

Published on January 9, 2026



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India’s tea exports up 8.64% at 254 million kgs during Jan-Nov 2025

India’s tea exports up 8.64% at 254 million kgs during Jan-Nov 2025


India’s tea exports during January-November 2025 were up 8.64 per cent at 254.19 million kgs (mkg) against 233.97 mkg in the year-ago period on higher demand and prices. In value, tea exports grew 17.74 per cent to ₹7,633.85 crore during the year, up from ₹6,483.39 crore, as per the Tea Board’s provisional data.

The per unit realisation was up by around 8.38 per cent at₹300.32 per kg over ₹277.10 per kg a year ago.

Exports from North India were up 21.63 per cent during the period at 171.44 mkg over 140.95 mkg a year ago. However, exports from South India declined by 11 per cent at 82.75 mkg (93.02 mkg in the corresponding last year).

Fiscal shipments

For the current financial year, exports during the April-November period were up 11.12 per cent at 184.95 mkg (166.44 mkg). In value, the shipments were up 17 per cent during April-November at ₹5,636.79 crore over ₹4,822.44 crore a year ago.

North Indian exports increased by 24.4 per cent during April-November to 126.08 mkg (101.30 mkg in same period last year). However, the South Indian exports were down by around 10 per cent at 58.87 mkg (65.14 mkg).

Production of tea during Jan-Novenmber 2025, stood marginally higher at 1290.58 mkg (1272.95 mkg in corresponding last year). In North India the production during January-November 2025 stood at 1070.80 mkg (1064.37 mkg), while in South India the output during the period was 215.78 mkg (208.58 mkg).

Published on January 9, 2026



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Bank of Baroda to set up wholly-owned subsidiary to undertake standalone primary dealership  business

Bank of Baroda to set up wholly-owned subsidiary to undertake standalone primary dealership business


NEW DELHI, 30/04/2025: A general view of Bank of Baroda at Parliament Street in New Delhi on Wednesday. April 30, 2025. Photo: AMAN RAJ / INTERN
| Photo Credit:
AMAN RAJ

Bank of Baroda (BoB) on Friday said it has received in-principle approval from the Reserve Bank of India (RBI) to its request to transfer existing authorization as a bank primary dealer to a proposed wholly owned subsidiary for undertaking standalone primary dealer (SPD) business.

The public sector bank, in a regulatory filing, said the SPD Business will be established subject to other regulatory approvals.

The RBI introduced the system of Primary Dealers (PDs) in 1995 to strengthen the infrastructure in government securities (G-Sec) market to make it vibrant, liquid and broad based; and ensure development of underwriting and market making capabilities for G-Sec outside the RBI.

Further, the PDs are expected to improve secondary market trading system, which would contribute to price discovery, enhance liquidity and turnover and encourage voluntary holding of G-Sec amongst a wider investor base; and make them an effective conduit for open market operations (OMO).

In order to broad base the PD system, banks were permitted to undertake PD business departmentally in 2006-07. Further, the standalone PDs were permitted to diversify into business activities, other than the core PD business, subject to certain conditions.

Currently, there are 7 SPDs, including SBI DFHI, ICICI Securities Primary Dealership, PNB Gilts, STCI Primary Dealer, and 14 Bank PDs, including Bank of Baroda, Canara Bank, Union Bank of India and IDBI Bank.

Published on January 9, 2026



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