Analysis: farmers' debt waiver in Madhya Pradesh seems ‘difficult’
Saturday - December 15, 2018 11:09 am ,
Category : WTN SPECIAL
Congress' farmers’ debt waiver sounds a ‘big challenge’
Big question: Will the Congress government be able to fulfill the promise of debt waiver?
DEC 15 (WTN) – After the 15 years in Madhya Pradesh, the Congress has returned to power having been defeated BJP in a tough fight. After losing three consecutive Assembly elections, the Congress Party had made fantastic promises to come back in power in the Madhya Pradesh. It is being said that the Congress has been able to defeat the BJP in a tough fight against these promises. During the campaigning of the Congress in Assembly election, the Congress had said that its promises are like its ‘voice’.
The Congress, however, made many promises to the people during the Assembly elections in Madhya Pradesh, but the promise on which everyone's eyes are restored is the debt waiver of the farmers. In fact, Congress President Rahul Gandhi in Madhya Pradesh declared that within 10 days of becoming Congress government, farmers' debt will be waived; if this would not happen, then he would change the chief minister. Apart from Rahul Gandhi, many Congress leaders also said during the election that the farmer's debt will be waived up to two lakh rupees.
After being in power for 15 years, now the BJP, which is in the opposition, has started targeting the Congress right now. The BJP says that it is waiting for farmer’s debt waiver debt within ten days. Kamal Nath is going to take oath as the Chief Minister of Madhya Pradesh on 17th December; the biggest challenge he will have to face is to farmers’ debt waiver.
But fulfilling the promise of farmers' debt waiver is not as easy as it seems. For your information, let you know that the farmers of Madhya Pradesh have a loan of more than Rs. 70 thousand crores of cooperative banks, nationalized banks, rural development banks and private banks. In this, 41 lakh farmers have taken loans of 56 thousand crores. At the same time, about 15 thousand crores is NPA.
It is being said that the scheme of debt waiver of Congress-led UPA government will be the basis of the loan waiver scheme in Madhya Pradesh. At the time of the UPA Government, the timed debt was only waived. At the same time, in Karnataka, the debt waiver has been given an incentive on regular loans. It can also be adopted in Madhya Pradesh
According to information received from the media, former finance minister and economist P. Chidambaram has prepared a formula for debt waiver in Madhya Pradesh. It is being said that the state government will waive the loan after June 2009, because the farmers’ debt was waived during UPA 2 earlier. If this happens, then it will benefit about 3.3 million Levantine farmers.
Here, the Chief Secretary of Madhya Pradesh has directed the preparations for the Department of Agriculture and Cooperation. The Department of Cooperatives has also sought details of the loan waiver of the farmers in the banks. But, while there is about Rs.1,92,000 crores debt already on the Madhya Pradesh government, the biggest question is that when from where the money will arrange for farmers’ debt waiver?
According to information received from the media, the farmers’ debt waiver scheme will be only for farming debt. Debt taken for agricultural equipment and other arrangements will not be waived. At the same time, the debt of farmers' taken from cooperative banks will be waived first, which will be up to Rs 2 lakhs.
If the farmer has taken loans from other banks, then only loan taken from cooperative banks will be waived. It is being said that there will be financial burden of the farmers’ debt waiver about 20 thousand crores rupees to the government.
In the formula currently being considered for debt waiver, the incentive will be given to about 25 thousand rupees on a regular loan with the debt waver. But for this, the farmers will have to return the outstanding timely balance to the bank.
During the campaigning in the Assembly elections, the Congress government has promised the debt waiver to the farmers, but the biggest question is when the state government itself has such a debt, then from where the money for farmers' debt waiver will arrange? Not only the debt waiver of the farmers, the Congress has made such promises, in such a way, to fulfill all those promises, government will need revenue. Now let’s see how much promises Congress government can be fulfilled before the Lok Sabha elections. If the Congress government in Madhya Pradesh didn’t fulfill its promise, then the Congress government might have to suffer loss in the Lok Sabha elections.
DEC 15 (WTN) – After the 15 years in Madhya Pradesh, the Congress has returned to power having been defeated BJP in a tough fight. After losing three consecutive Assembly elections, the Congress Party had made fantastic promises to come back in power in the Madhya Pradesh. It is being said that the Congress has been able to defeat the BJP in a tough fight against these promises. During the campaigning of the Congress in Assembly election, the Congress had said that its promises are like its ‘voice’.
The Congress, however, made many promises to the people during the Assembly elections in Madhya Pradesh, but the promise on which everyone's eyes are restored is the debt waiver of the farmers. In fact, Congress President Rahul Gandhi in Madhya Pradesh declared that within 10 days of becoming Congress government, farmers' debt will be waived; if this would not happen, then he would change the chief minister. Apart from Rahul Gandhi, many Congress leaders also said during the election that the farmer's debt will be waived up to two lakh rupees.
After being in power for 15 years, now the BJP, which is in the opposition, has started targeting the Congress right now. The BJP says that it is waiting for farmer’s debt waiver debt within ten days. Kamal Nath is going to take oath as the Chief Minister of Madhya Pradesh on 17th December; the biggest challenge he will have to face is to farmers’ debt waiver.
But fulfilling the promise of farmers' debt waiver is not as easy as it seems. For your information, let you know that the farmers of Madhya Pradesh have a loan of more than Rs. 70 thousand crores of cooperative banks, nationalized banks, rural development banks and private banks. In this, 41 lakh farmers have taken loans of 56 thousand crores. At the same time, about 15 thousand crores is NPA.
It is being said that the scheme of debt waiver of Congress-led UPA government will be the basis of the loan waiver scheme in Madhya Pradesh. At the time of the UPA Government, the timed debt was only waived. At the same time, in Karnataka, the debt waiver has been given an incentive on regular loans. It can also be adopted in Madhya Pradesh
According to information received from the media, former finance minister and economist P. Chidambaram has prepared a formula for debt waiver in Madhya Pradesh. It is being said that the state government will waive the loan after June 2009, because the farmers’ debt was waived during UPA 2 earlier. If this happens, then it will benefit about 3.3 million Levantine farmers.
Here, the Chief Secretary of Madhya Pradesh has directed the preparations for the Department of Agriculture and Cooperation. The Department of Cooperatives has also sought details of the loan waiver of the farmers in the banks. But, while there is about Rs.1,92,000 crores debt already on the Madhya Pradesh government, the biggest question is that when from where the money will arrange for farmers’ debt waiver?
According to information received from the media, the farmers’ debt waiver scheme will be only for farming debt. Debt taken for agricultural equipment and other arrangements will not be waived. At the same time, the debt of farmers' taken from cooperative banks will be waived first, which will be up to Rs 2 lakhs.
If the farmer has taken loans from other banks, then only loan taken from cooperative banks will be waived. It is being said that there will be financial burden of the farmers’ debt waiver about 20 thousand crores rupees to the government.
In the formula currently being considered for debt waiver, the incentive will be given to about 25 thousand rupees on a regular loan with the debt waver. But for this, the farmers will have to return the outstanding timely balance to the bank.
During the campaigning in the Assembly elections, the Congress government has promised the debt waiver to the farmers, but the biggest question is when the state government itself has such a debt, then from where the money for farmers' debt waiver will arrange? Not only the debt waiver of the farmers, the Congress has made such promises, in such a way, to fulfill all those promises, government will need revenue. Now let’s see how much promises Congress government can be fulfilled before the Lok Sabha elections. If the Congress government in Madhya Pradesh didn’t fulfill its promise, then the Congress government might have to suffer loss in the Lok Sabha elections.
