Farm unions protesting the contentious farm laws for the past one year on Friday welcomed Prime Minister Narendra Modi's announcement to repeal the three contentious farm laws.

Bharatiyan Kisan Union's (BKU) Ugrahan faction and The Samyukt Kisan Morcha (SKM), an umbrella body of 40 farm unions also said that they will take note of all developments and will hold meeting soon and announce further decisions if any.

In his address to the nation on the occasion of Guru Nanak Jayanti, Modi said the three farm laws will be repealed in the coming Winter session of Parliament.

"It is a good move by Prime Minister Narendra Modi on the occasion of Gurupurab," Joginder Singh Ugrahan, the leader of BKU's Ugrahan faction, told PTI.

On the prime minister's appeal to protesting farmers to return to their homes, Ugrahan said, "Farmers' unions will sit together and decide the future course of action."

BKU(Ugrahan) is the largest among all protesting farmers unions and protesting at the Tikri border. Ugrahan faction of the BKU has sizeable presence across Punjab.

The SKM on the other hand said the important demand of remunerative prices for all agricultural produce is still pending.

"Samyukt Kisan Morcha welcomes this decision and will wait for the announcement to take effect through due parliamentary procedures," the SKM said in a statement.

"The agitation of farmers is not just against the repeal of the three black laws, but also for a statutory guarantee to remunerative prices for all agricultural produce and for all farmers. This important demand of farmers is still pending," it said.

Various farmers unions have been protesting at the borders of the national capital since last year to demand repeal of three farm laws.