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| Govt plans to waive farmers debts |
| More than 1.5 lakh farmers have committed suicides since 1997 and the number is still counting. The reasons to opt for it are their mounting debts.
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| INDIA
, 24-January-2008
1:41:27 AM |
| States with rampant farmer suicides could benefit from a historic loan waiver proposal, which the UPA government is currently deliberating.
More than 1.5 lakh farmers have committed suicides since 1997 and the number is still counting. The reasons to opt for it are their mounting debts.
Now the government is working out a plan to write off all farmer debts in the suicide-hit districts across the country and this will cost the government some Rs 65,000 crores.
Sharad Pawar, Union Minister for Agriculture said, ''The idea is to provide a one time relief to all debt ridden families across the country.''
The finance minister who had been opposing this till now has reportedly agreed and so has the Prime Ministers Office.
This change could also be due to prospects of early elections.
There will be a loan waiver to nearly 80% of the small and marginal farmers with landholdings of upto 2 hectares, large landholders will pay back 75% of their total debt and the administration will take care of the rest.
But political parties point out that, the government plan still leaves out those who borrow money from private moneylenders at huge interests and are not part of the formal credit network like banks and cooperatives.
Ravi Shanker Prasad, Spokesperson BJP said, ''There is no question that it's an election stunt.''
Its a move that may bring in votes in the next elections, but will sure provide relief to those farmers. Yet there is no alternative for farmers going to private money lenders.
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