The members of the cabinet said repeal of the farm laws was the only way out of the current imbroglio, according to a government statement.
The council of ministers also demanded that the Centre make minimum support price (MSP) a statutory right of farmers, who had been "getting extremely low prices for their produce" for the past several days despite being responsible for feeding the nation.
The state cabinet also observed a two-minute silence in the memory of farmers who have died during the agitation against the farm laws. An estimated 78 farmers have so far lost their lives.
Stressing the need for an early resolution to the agitation to prevent further loss of life, the cabinet said the matter has already been debated and discussed in eight rounds of negotiations held between the protesting farmers and the Union government.
Punjab Congress chief Sunil Jakhar was also present in the meeting.
The cabinet noted that the Centre should not stand on prestige and ego in the matter, which, if unresolved, could lead to devastating repercussions for the country for decades to come.
If the Centre can make sweeping amendments to the laws, then this adamancy about not revoking the legislations is inexplicable, it said.
The council of ministers also mentioned the Supreme Court's acknowledgement of the concerns of the protesting farmers.
The apex court had on Monday rapped the Centre over the prolonged impasse with the protesting farmers demanding the repeal of the three new farm laws, saying it was extremely disappointed with the negotiation process.
In a formal resolution, the Punjab cabinet reiterated its commitment to the resolutions passed by the Punjab Vidhan Sabha on August 28 and October 20 last year, stressing that all the genuine demands of the farmers must be accepted.
It urged the Centre to repeal the farm laws as agriculture is a state subject under the Constitution of India, and to make MSP a statutory right.
The state cabinet also welcomed the Supreme Court order staying the central legislations as acknowledgement of the concerns of the farmers of Punjab who are protesting against the farm laws, and recognition of their pain and anguish.
There is need for broad-based dialogue and proper consultation with all stakeholders as these legislations impact the future of millions of farmers across the country, and all genuine demands of the farmers must be accepted, said the resolution.
The cabinet also appreciated the peaceful protest by the farmers, which has also been taken note of by the Supreme Court, in keeping with the best of the democratic practices.
The cabinet meeting was convened by CM Singh with the sole agenda of discussing the issue in the light of the apex court orders.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.