US calls for talks to resolve India’s farmers’ protests, backs the new farm laws
February 4, 2021, 11:14 am

US calls for talks to resolve India’s farmers’ protests, backs the new farm laws

Police officers put barricades with the help of cranes at the site of a protest where farmers are protesting against farm laws, at Singhu border, in New Delhi, India, on January 27, 2021. (Reuters)

Wading into a sensitive issue for Indian Prime Minister Narendra Modi, the US embassy in New Delhi on Thursday urged his government to resume talks with farmers angry over agricultural reforms that sparked a months-long protest campaign.

Largely restricted to the outskirts of New Delhi, the mostly peaceful protests were marred by violence on January 26, when some protesters entered the heart of the capital city after the Republic Day military parade and clashed with police.

Television images broadcast internationally of protesters occupying the ramparts of New Delhi’s historic Red Fort and later clashing with police raised awareness of the confrontation between Modi’s government and the farmers.“We encourage that any differences between the parties be resolved through dialogue,” a US embassy spokesperson said in a statement that also proffered general support to government measures to “improve the efficiency of India’s markets and attract greater private sector investment.”

People stand behind a barrier at the site of a protest where farmers are protesting against farm laws, at Singhu border, in New Delhi, India, on January 27, 2021. (Reuters)

Modi’s government has held multiple rounds of talks with representatives of farmers who have camped in their thousands on the outskirts of the capital since late 2020, but there has been no word on when talks would resume following the Republic Day violence.

The farmers, who enjoy most support in northern India’s breadbasket states, argue that three new farm laws will hurt their interests while benefiting large firms.

But the government says the reforms will bring much-needed investment to a farm sector, that accounts for nearly 15 percent of India’s $2.9 trillion economy but employs about half its workforce.

The farmers’ cause has also drawn support from the Indian diaspora in Australia, Britain, Canada and the United States.

In late November, Canadian Prime Minister Justin Trudeau raised India hackles by speaking about the protests in a video message, saying he was concerned for the farmers. New Delhi said such comments were “an unacceptable interference in our internal affairs.”

Barricades up, Internet down

Police remain on guard against further attempts by farmers to bring their mass protest into the capital, and have bolstered barricades at three main sites.

Earlier this week internet services were temporarily suspended in some areas, drawing widespread criticism, including from international activists and celebrities.

“We recognize that unhindered access to information, including the internet, is fundamental to the freedom of expression and a hallmark of a thriving democracy,” the US embassy spokesperson said.

In response to social media posts on the internet shutdowns, India’s Foreign Ministry on Wednesday said vested interest groups were mobilizing international support against the country.

There was no immediate response from the ministry to the US comments on Thursday.

Farm union leaders have been calling for a repeal of the new laws and to make the government’s crop price guarantee scheme legally binding, and for the withdrawal of legal cases against protesters.

But, some farmer groups have expanded their list of demands.

At a rally in northern Haryana state on Wednesday, thousands of farmers from the politically influential Jat community backed a call to waive farm loans and increase crop prices paid by the government.

“If the government doesn’t concede to our demands, thousands more farmers will march towards Delhi,” Kek Ram Kandela, a leader among the Jat farmers, told the rally attended by more than 50,000 people.

source: Reuters

Image source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.