DelhiScoop.com
HOME | TOURISM | INFO TECH | NEWS | REAL ESTATE | HEALTH | INFRASTRUCTURE | EDUCATION | CONTACT US - SANJAY @ 98 119 87371

Farm Loan Waiver Runs Into Trouble, Nath: Where Will Funds Come From?


By Dr arvind, Section News
Posted on Tue Mar 04, 2008 at 02:52:39 AM EST

The mega loan waiver announced by the Manmohan Singh government is running into some in-house scepticism with doubts about funding for the give-away being aired in the Cabinet.

On Monday, a meeting of the Cabinet saw commerce minister Kamal Nath asking whether the government had made provisions for the Rs 60,000 crore scheme it has announced in the Budget. He also seemed to argue that it would have been better if the Cabinet had been taken into confidence.

Sources said that Prime Minister Manmohan Singh intervened to commend finance minister P Chidambaram and the loan waiver. Foreign minister Pranab Mukherjee also said that the finance ministry has chalked out the broad direction and details will soon be worked out. This reflected doubts put forward that the waiver unfairly lumps farmers tilling irrigated lands with those in dry-land conditions and that the two hectare cut-off for beneficiaries cannot apply across the country.

Wondering whether the waiver would benefit distressed farmers, minister of state for new and renewable energy Vilas Muttemwar told TOI, "The problem lies in many farmers in areas like Vidarbha owning up to 15 acres of land, but being very poorly off. It is not just the small farmer, even those with larger holdings, who actually can access credit, are suffering."

Budget can't be challenged in court: Supreme Court

Click on "Full Story" for Read This Point...

Muttemwar said he would speak to the Prime Minister and Congress chief Sonia Gandhi and ask for the eligibility for the Rs 60,000 crore waiver announced by the government to be altered in a state or regionwise manner. He also said that even smaller farmers might not be able to use the waiver as they were largely indebted to private money lenders. Muttemwar disputed agriculture minister and NCP boss Sharad Pawar's call to farmers to stop paying money lenders. "This is easier said than done. These loan sharks get farmers to sign agreement to sale documents. Even those sales are being closely scrutinised, it is not easy for farmers to simply throw off the yoke of money lenders," he said.

The minister's views could be some cause for worry as he represents Nagpur, the political centre of the Vidarbha region which has been reeling from suicides by farmers. The criticism that farmers who need help might be outside the waiver also dovetails with the argument that UPA's largesse will help well-off agriculturalists in areas like western Maharashtra.

Well-known agro-economist M S Swaminathan agreed that it was difficult to compare farmers from green revolution states with those in impoverished dust bowls. "Comparing farmers owning two hectares in Punjab with those with holdings of similar size in Rajasthan or Vidarbha is unfair. The size of holdings in distressed areas should be much bigger," he said. Swaminathan said farmers in irrigated areas who used advanced methods had access to credit much in excess to what farmers in distressed areas were able to garner.

Budget can't be challenged in court: Supreme Court
Even before the applause for a Budget -- that had something for everyone -- has died down, a PIL filed before the Supreme Court questioned finance minister P Chidambaram's proposal for writing off farmers' loans totalling to Rs 60,000 crore. On Monday, a Bench comprising Chief Justice K G Balakrishnan and Justice R V Raveendran firmly told the petitioner that Budget proposals could not be questioned before a court of law. It also refused petitioner M L Sharma's request for early listing of the PIL before a Bench. "The matter is under consideration of Parliament. We do not want to adjudicate a matter which is pending consideration before Parliament. Courts are not the forum for challenging Budget. You may go to other appropriate forum," the Bench said.

Source: TIMES NEWS NETWORK, Dated, March-04-2008

< ABC's Of Owning A House, Must Enjoy The Privilege Of Ownership With A Sense Of Responsibility | Kolkata Municipal Corporation (KMC) Separate Dustbin Project Gathers Dust >
Display: Sort:
Display: Sort:
Win A Jeans Twice a Week
&
Win A Kurta 7 Days A Week
MEMBERS AREA

Make a new account

Username:
Password:
 ACTION CENTER

Internet Services

Who's Online? (10)

. Nishant
. Unregistered Visitors (9)

Note: You may cloak yourself from appearing here in your Display Preferences.

Site Stats

No Access

Recent Comments

. GOOD ATTEMPT (khurshid anwar)

. Private investment is must for countries growth (khurshid anwar)

. comment (syeedunsyd)

. comment (syeedunsyd)

. Gift Tax (Mrs Gupta)

. DTDC (tanay253)

Recent Member Diaries


More Diaries...

Front Page

Sunday November 16th
. Retailers Mull Revenue-Sharing Model With Real Estate Developers (0 comments)
. Reserve Bank of India (RBI) Bid To Widen Credit Course (0 comments)

Saturday November 15th
. City's first digital library to store rare five million pages of rare study material (0 comments)
. Banks See Red : House Hunters Wait For Prices To Come Down, Put Loans On Hold (0 comments)

Friday November 14th
. Riverbank Developers Likely To Partner With IHG For Batanagar Project (0 comments)
. IMRS To Invest Rs 100 crore To Set Up Five Boutique Hotels In The Eastern Region (0 comments)
. Varsity radio aims to empower poor kids (0 comments)
. The Second Quarter's Results Confirmed Realty Pains, Buyers Are Not Easy To Find, Which Means Losses (0 comments)

Thursday November 13th
. Healthcare And Real-Estate Groups Come Together To discuss 'Healthcare Infrastructure' in Kolkata (0 comments)
. Realtors Shift Focus To Budget Housing, Fears of Recession Players To Re-Draw Strategies (0 comments)
. India Beckons For Those Who Flew The Nest, With A Booming Economy, And The CWG In Their Sights (0 comments)

Tuesday November 11th
. Flyover For South Fringe To Taratala For Faster Connectivity With The City Proper (0 comments)
. KIIT Plans Rural Management Course For Working Executives From The 2009-10 Academic Sessions (0 comments)
. Flop Show: Development Agency Set Up By Buddhadeb Bhattacharjee Stays On Paper (0 comments)
. Current Slowdown In Domestic Realty Mkt Impacts Liquidity Profiles Of Real Estate Companies (0 comments)

Monday November 10th
. Indians To Get Unique Identity Number For All Residents Of The Country Soon (0 comments)
. DLF Shelves India's Biggest Mall ,Co Claims Work In Full Swing, But Mall Of India Site Loks Deserted (0 comments)
. IT Vendors Offer Cut-Rate Deals To Beat Slowdown , Give Up To 40% Discounts On Software Products (0 comments)
. Real Estate Firms Have Hope: Govt Making Lending Easier To The Sector (0 comments)
. Realty Players Hold On To High Prices Despite Slump (0 comments)
. 3 Lakh Travel Agents May Lose Job With Airlines Stopping Payment Of Commission To Them From Nov 1 (0 comments)
. Subhiksha Puts Off Stores Plan Due To A Slowdown In The Retail And The Real Estate Eectors (0 comments)

Friday November 7th
. India Government Warns On Illegal Real Sstate Sales To Foreign Buyers (0 comments)

Thursday November 6th
. Schools Can't Shift Students To Branches If Fail To Meet Cut-Off marks In Xth board examination:SC (0 comments)
. Merlin Group Plans To Invest Rs 40 crore To Build Budget Apartments In Kolkata (0 comments)

Older Stories...


All trademarks and copyrights on this page are owned by their respective companies. Comments are owned by the Poster. The Rest (c) GurgaonSCOOP.com and QBTPL.
submit story | create account | faq | search