Stop using tax payer's money in waiving farm loans to get political mileage
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It has been seen in last many years that political parties are giving promise of waiving farm loans either to retain power or more common to grab the power. All the major political parties be it Congress, BJP or others are indulging itself in this risky business.
Tax payer’s money is meant for developing state or nation not for paying for loan payment defaulters. It has been experienced that farm loan waiving is not the solution of changing the financial situation of the farmer.
All economists agree that farm loan waiving has many big hazardous such as
- Loan waiver schemes spoil the credit culture of India. Those who are paying loans religiously will stop paying loans now onwards. Farmers are becoming willful defaulter year after years as they know that their loans will get waived anyway during next election cycle.
- As most of the poor farmers are not really having access to bank loans, the waiver is giving benefit to rich farmers who are earning good money without paying single praise as tax
- As a large chunk of government budget will be utilized in farm loan waiver, they will have cut the cost on other important fronts such as infrastructure, healthcare, education, affordable housing, etc. It means you are punishing other people.
Instead of loan waiving govt. should take some concrete measure to improve the agriculture sector such as irrigation facility, promoting the use of technology in farming, educating farmers, improving farmer’s rich to market, etc. These are sustainable measures and bound to improve the economic condition of farmers.
Measures like farm loan waiver are spoiling nation’s health. Time has now come; we the people of India raise our voice against this dirty trick being used by political parties to spend tax payer’s money to take political mileage.
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