For more than two weeks, tens of thousands of Indian farmers have camped out on several key motorways leading into the capital, New Delhi, to demand Prime Minister Narendra Modi repeal farming laws they claim will wreck their livelihoods.
What is the new legislation?
Mr Modi’s Bharatiya Janata Party government passed three new pieces of legislation in September, despite strong resistance by opposition groups and demands for negotiations.
One dealt with the sale of produce in the free market, another with contract farming and the last with deregulating government control on food commodities, including cereals, pulses and oil, for storage and sale.
Mr Modi billed the new laws – which were rushed through parliament – as a landmark.
Why are farmers protesting?
Farmers say the laws are an attempt to privatise the agriculture sector, which employs half the country's 1.3 billion population, directly and indirectly.
Those protesting say their main concern is that the government will scrap the minimum support price – a pricing system in state-run markets that offers guaranteed rates – including Punjab’s chief crop of wheat and paddy.
About 75 per cent of Punjab's population relies on agriculture, but most are small landowners, owning an average 1.3 hectare per smallholding.
Over many decades farmers faced economic distress as a result of stagnant crop prices, steep production costs and precarious weather.
About 300,000 farmers died by suicide over the past 30 years. In 2019 alone, at least 10,281 farmers ended their lives, according to government data,
Dwindling incomes and insecurity forced farmers to stage protests before, but the most recent flare-up is the biggest mobilisation yet against Mr Modi's government, which has promised the reforms would double their income by 2022.
How long has this been going on?
The farmers, mainly from northern Punjab state – often called the breadbasket of India with 60 per cent of the country's wheat produce – have been gathered near Delhi’s entry points since November 26.
Carrying mattresses, blankets and food enough for six months on tractors, the protest groups were barred by police, who used teargas and water cannon to stop them from entering the capital.
We will definitely take back something from the government – be it bullets or a peaceful solution
Since then, thousands more have joined them in the tent cities on the motorways, where community kitchens serve food while protesters sing, eat and sleep in tractors and under the open sky in chilling cold.
Is there hope of a resolution?
There have been six rounds of unsuccessful talks between the government and more than a dozen protesting farmer unions.
Late on Tuesday, talks between Home Minister Amit Shah and leaders from the farming community were inconclusive, but the government afterwards presented a written offer to farmers with proposed amendments.
On Wednesday, farmers rejected the government's draft proposal terming it vague and declared a nationwide strike on December 14.
Unions are yet to respond to the proposal amid speculation that some groups in the movement have agreed to the government proposal.
"Our movement will continue and we will definitely take back something from the government – be it bullets or a peaceful solution," said Chanda Singh, a farmer leader who was part of the talks.
Challenges for Modi
Mr Modi’s government is facing one of the biggest farmers’ agitations in the country's history.
On Tuesday, several farmers' organisations, transport and even bank unions observed a nationwide shutdown to show solidarity with the farmers’ cause. They have won support of political parties, including Congress.
With the protests dragging on, experts say the agitation could snowball into a popular movement against the government and dent Mr Modi’s strongman image as the country reels under an economic recession.
"The government is in danger of boxing itself into a corner by being so intransigent on the farmers' protest," Arati Jerath, a political analyst, told The National.
“If they are unable to break this movement then they will have to climb down and accept what the farmers are saying and that will lose moral authority, credibility and a huge dent to Modi's image as a strongman leader,” Ms Jerath said.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
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The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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