Hey guys, I've been doing the research on the benefits of GM foods and it was stated that growing GM crops would produce large amounts of profits, thus allowing farmers to be able to own luxurious items that they couldn't afford before. The reason why GM crops are said to be economically viable is due to the fact that they are pest resistant, herbicide tolerant, disease resistant, cold tolerant and drought/salinity tolerant.
Non-GM crops are commonly infected by pests, thus resulting in crops losses and financial loss for the farmers. By cultivating GM crops that are resistant to pests, the cost of bringing crops to the market would decrease, and farmers would not have to splurge on pesticides, which may in return cause health hazards and harm to the environment.
Besides that, weeds are often seen growing amongst crops, feeding on the crops nutrients from the soil. Also, weeds have a faster growth rate than most crops, and would block the sunlight from the crops when they have grown taller than the crops. Farmers would then have to use herbicide to destroy the weeds. At the same time, the farmers have to be aware that the herbicides would not harm the crops and the environment. By having crops that are resistant to herbicides, the usage of herbicides to destroy the weeds would be reduced greatly, thus preventing anymore damage done to the environment and reducing production costs.
Crops are prone to be infected by parasities, fungi, viruses and bacteria, causing plant diseases. This would cause crop losses and financial loss to the farmers. Crops that are gentically engineered to to be resistant to the diseases would reduce the production costs.
The cold, drought or high salt content can affect the growth of crops. For example, frost can destroy seedlings. By having crops that are tolerant of the cold, they will be able to grow throughout the cold season and would ensure a stable income for the farmers. The amount of land suitable for growing crops is diminishing, and farmers have limited land to grow their crops, unabling them to meet the population's demands. By cultivating crops that can withstand drought and high salt content in the soil, farmers would be able to grow their crops on lands that were previously designated as unsuitable for farming.
To add on, GM crops play a part in pharmaceuticals too. Medicines and vaccines are expensive to reproduce and may need special storage conditions that are not available in developing countries. Researchers are working on to create edible vaccines and medicines in vegetables, such as tomatoes. These edible vaccines would be easier to be transported, stored and administered than the injectable vaccines.
Lastly, GM crops are said to be more nutritious, thus being able to prevent malnutrition in developing countries. For example, rice does not contain the adequate amount of nutrients to prevent malnutrition. If the rice is genetically modified to contain all the necessary nutrients, the chances of having malnutrition of these nutrients would reduce greatly.
References:
http://www.who.int/mediacentre/news/releases/2005/pr29/en/index.html
http://www.csa.com/discoveryguides/gmfood/overview.php