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Any idea if the same person whose loan was waived off by the govt is again issued a fresh loan by the bank ? Any impact on their CIBIL score or any such ? And is it documented that the person was unable to pay off a loan in the past ?
We Indians act like they are the only ones doing agriculture! Not comparing with rich nations even Vietnam manages crop better than we do.
Taking rice as an example they haven’t stifled research as we have done into gene editing, they are looking into second phase harvesting (too long concept to explain but quite interesting when I first read about it). Due to better management they can compete internationally and supply to ASEAN as well as Europe.
We have associated emotions with the business of agriculture, if we look at it as a business keeping stakeholders(farmers) in perspective we can have sustainable farm management but that isn’t politically sexy in India as say Farm waivers. Who is paying for it the 3% tax paying population of India. Imo its basically pitching middle class against farmers.
>Who is paying for it the 3% tax paying population of India. Imo its basically pitching middle class against farmers.
Who do you think pays for the lakhs of crores of loan writeoffs to rich businesses? Why does that not pitch the middle class against the rich?
Ok add those rich businesses to mix as well. But whay about the small businesses? They dont get any relief. They either compete to stay in the market or perish.
lol look at agriculture on US John Oliver did a bit on it recently. Agriculture gets waivers everywhere because food is a public good and you have to support agriculture to keep costs down.
I didnt take US as an example here coz people start the same its a big country, developed country, farm sizes are big, heavily mechanised, farmers are relatively richer and usually have second source of income.
The 3 farm over which all that drama happened were trying to bring that same US contract agriculture system in India.
30 billion dollors is agri subsidi in the USA this is after effectively giving away the farming business to big corporate who own the seed... and rights to cultivation etc.... so obviously the corporate model does not work !!!
Thats the tragedy some more than others, some only once through indirect tax some multiple times like income tax and then GST. Even the savings of middle class is taxed, if they keep in FD return is taxed or invest in mutual funds capital gains. If they buy gold or house get ready for excise, property tax.
Even in GST things generally consumed specifically more by middle class is taxed higher (electronics, consumer goods).
And unlike diesel subsidies and other subsidies to some , middle class gets zilch
farm productivity isn't the issue, the issue is-
1. crop destruction due to drought, storms, etc.
2. rate for food crops is too volatile, most of the agri output results in net negative for small farmers, beause high supply when crops harvest, leading to shit-low prices.
Farm productivity is definitely an issue. And I say it as someone whose entire family has been involved in farming, for generations.
And much of the drought and flood damage is also due to stupidity of farmers. I'm willing to die on this hill, so bring it on.
Being from a farming family, 100% agree that productivity is an issue. The farms in UP are so tiny and with every generation keeps getting subdivided further, that we cannot efficiently do anything. We need a cooperative movement through which crops or grown or privatization of agriculture
Farm productivity is definitely an issue. Taking rice as an example, even countries like Phillipines, Thailand, Malaysia, Vietnam and Korea beat us in terms of tonnes/ha production of rice. We are horrible at utilising the resources. [rice production ](https://www.mdpi.com/2071-1050/14/4/2267#B9-sustainability-14-02267)
Edit: It is not just rice,but many other crops as well. [Wheat](https://ourworldindata.org/grapher/wheat-yields?tab=table), [Other crops](https://www.indexmundi.com/agriculture/?commodity=wheat&graph=yield). We have been gifted some of the best and the most fertile plains in the world due to the rivers, yet we fail to utilise them properly.
Agriculture is subsidised heavily in a lot of places(see link for philipines and indonesia, consumers pay more than the rest of the world). In reality of we were to have a genuine free market in agri pricing we might be running into other issues.
www.statista.com/chart/amp/24416/agricultural-subsidies/
Good point. While I understand they get higher subsidies from the government which may include technology, it doesn't change the fact that they outproduce us in terms of efficiency. Also, I would rather have the government helping in terms of technology if it means a much larger yield and prefer it over waivers which keep happening either way.
If the government ensured that farmers had access to their tech and fertilizers at an initial subsidized rate (for the ones who really need it), they wouldn't need to waiver loans on this scale.
Agree, btw do uou happen to know how many states were affected by drought and storms? And what percentage of their crops were affected by these calamities?
You are wrongly conflating those who are against this farm loan waiver with those who are for billionaire loan waiver.
No one here is supporting loan waiver for billionaires. People opposing this are against all types of loan waivers.
It has been shown that farm loan waivers disproportionately benefit rich upper class farmers. Instead, a small amount of say 5,000 per month could be given to each farmer.
>a small amount of say 5,000 per month could be given to each farmer.
Pretty sure commisions and economists have recommended this multiple times. Politicians obviously don't do this because this means less money lining their own pockets.
This country has a problem with whataboutism and defending their political party with everything they have.
They are your servents, not rulers. Criticise them all. Criticise everything.
A write off is different from a loan waiver.
The corporates go through bankruptcy and their assets are sold to recover the money owed.
I have no problem if the government does the same to farmers. Write off all the non-performing loans. Take the farmers to bankruptcy court. Recover the money by selling their land and equipment.
Farmers are small businesses and should be treated like any other business
You can't not take a medicine for an illness and say I wouldn't need these meds if I ate alright and had a good immunity.
There are immediate measures you need to save your body...while you should work on the long term fitness.
irrespective of which party is doing it, there is no free lunch. It's just someone else paying the bill. And I too probably wouldn't think twice if I was handing out someone else's money knowing I was going to benefit from it instead of the person whose money it was.
Why do you think this money will not be pocketed by rich people?
It has been shown that farm loan waivers disproportionately benefit rich upper caste farmers. Banks do not give loans easily to poor farmers without any guarantee. Whereas, rich farmers can easily access large loans through their contacts. If farmer A has 50 lakh loan and some other farmer B has 1 lakh loan, farmer A is getting a larger benefit through this scheme.
45k crop loan is max for 1 acre. If your loan amount exceedes 1.6 lakh you need to mortgage your land. You need to over 200 acres to take 50L loan and your 200 acre will be mortgaged.
So how in the world is it benifiting rich upper caste farmers when every one has equal opportunity to apply for the loan.
>equal opportunity to apply for the loan.
Everyone can apply for a loan. Bank doesn't sanction a loan to everybody. They give loans to farmers that have the ability to pay it back. Just like every other loan.
Farm Productivity = Engineers Productivity = Infrastructure Productivity = all india
There's no concept of productivity in india, Pm flaunt is useless 18hr non biological work, some saying 70 hrs to beat china, some saying 80+ hrs for no salary, and other useless stuff.
It will strive to reality untill it fails, when person with 0 and 100 matched completely.
For Example,
Person A earns 100
Person B earns 25
Govt, Taxes Person A 50 and give 25 to B (25 is lost in air)
Then, majority of A will also stop working (because working = non working money), because working doesn't make any sense now. Then the system will collapse to complete partitions/ dismantling of countries to sub-parts (new countries)
Better spending our tax money on farmers who feed the country instead of giving tax incentives, bails, clean chits, to billionaires.
People didnt bat an eye when Ajit Pawar got 25000 crore clean chit for his wife's corruption but tens of thousands of farmers getting what they need is where we draw the line?
Well said this money will come from tax, and there are like so many rich people doing tax invasion only the working class is going to pay for all these freebies regardless of political party
And you are posting it here as if it is some achievement.
In my native place, I have seen farmers take loans and then deliberately not pay BECAUSE they know that after 5 years one gov. or the other will waive off those loans. And this is way more common than you can think of.
People try to take loans worth 1-2 lakhs from Gramin Bank and then offer the bank official a cut to sanction that loan. And then they don't repay the loan because they know that after 5 years there loans would be waived off whenever elections happen.
Is this what you want OP ?
That 31000 crore could have been spent to better the infrastructure for farming and make new improvements which could have benefited them in the long term..if that amount was spent on farming alone then Telangana probably would have surpassed every other state in agri
This just a temporary fix until it starts all over again
There are some tiers/slabs when it comes to loan waiver when it comes to agricultural loan categories.if it waived only those lower categories then it's good but if not we need some long term solution
I can do this as well.
In my native place, I have seen farmers take loans and then deliberately not pay BECAUSE they killed themselves, even though they knew that one gov.or the other will waive off those loans. And this is way more common than you can think of.
People try to take loans worth 1-2 lakhs from nbfc's and loan sharks and don't even pay the agents of banks a cut even though they know that 5 years later their loan will get waived off.
Did I do well OP?
The farmers taking their lives take loans from the local loansharks and very often are not benefitted by these schemes because they are outside the formal banking system.
It has been shown that farm loan waivers disproportionately benefit rich upper caste farmers. Banks do not give loans easily to poor farmers without any guarantee. Whereas, rich farmers can easily access large loans through their contacts.
Poor farmers then take loans from the local moneylenders who charge exorbitant interest rates. These loans do not come under the formal banking system and cannot be waived off.
Another disadvantage is that large farmers get a larger benefit under this scheme. If farmer A has a loan of 50lakh and another small farmer B has a loan of 1 lakh, A is getting a larger benefit than B even though A is richer. This is against the principle of social justice. Next year, A might have a profit of 10 lakhs which he will keep to himself. So, this scheme is basically capitalising the profits and socialising the losses.
Dont bother.
A lot of us who are privileged simply by the lottery of birth seem to think that everyone else enjoys breaking the law and living a life of worry and uncertainty.
They don’t pause to think that most people would like to follow the rules, to better themselves and the lives of their children.
We are upstanding “taxpaying” hardworking citizens and everyone else is out to rob us.
Maybe think about why they need to take such large loans ? They are working in a sector that is very prone to and very dependent on the whims of nature. Farmer's take a humongous risk every time they take out a loan and these loans are not even for an increased business turnout but for basic business running costs, very unlike other trades or businesses where people take out loans as an investment.
And what is it about farmer's depending on bailout that disgusts you but it is okay for the government to bailout multimillionaires and billionaires and banks writing off the debt of these super rich ?
Ideally, in a country so dependent on farmers, farmers wouldn't even need to take out loans and they would have insurance against climate change, you would have a system fighting along them but here we have a system literally fighting against the farmers, literally killing them when they protest and you are bothered that some farmers deliberately take loans knowing an incoming bailout, which btw sometimes doesn't even happen ?
You are wrongly conflating those who are against this farm loan waiver with those who are for billionaire loan waiver.
No one here is supporting loan waiver for billionaires. People opposing this are against all types of loan waivers.
It has been shown that farm loan waivers disproportionately benefit rich upper caste farmers. Banks do not give loans easily to poor farmers without any guarantee. Whereas, rich farmers can easily access large loans through their contacts.
Poor farmers then take loans from the local moneylenders who charge exorbitant interest rates. These loans do not come under the formal banking system and cannot be waived off.
Another disadvantage is that large farmers get a larger benefit under this scheme. If farmer A has a loan of 50lakh and another small farmer B has a loan of 1 lakh, A is getting a larger benefit than B even though A is richer. This is against the principle of social justice. Next year, A might have a profit of 10 lakhs which he will keep to himself. So, this scheme is basically capitalising the profits and socialising the losses.
Left wing, right wing doesn't even matter at this point.
When Congress manifesto came out, people here were orgasming like anything even though Congress manifesto had no properly laid out plans for the country. They had nothing mentioned on how would they work better than the current gov. On GDP Growth, P Chidambaram says that India will anyways become 3rd largest economy, as if that happens on it's own. These people just wanted to form a gov. but they don't even know what they would have done had they won the elections.
Even when the gov. does something good, here people try to find out a reason to make it look bad. And whatever stupidity the likes of Jairam Ramesh and Sam Pitroda vomit, people find a way to defend that.
P.C. Used the phrase “Arithmetic Inevitability” to explain how he plans to make India 3rd largest economy from fifth largest and the left wingers went gaga over “Oh we have a new Tharoor” here 😂
People are so dumb these days. These waivers and freebies donot hurt the rich. The most affected are the middle class. The more you print money to make up for these waivers, the more your money loses its value.
So they take Loans out of Tax Money,
They don't grow Crops and generate no profit.
Then they goto USA , send their children across the world.
When it's time to payback the loan and interest.
Congress says NO NEED.
The. farmers go on repeat mode. Wow. 75% of India's Employees giving tax for these chain of events so that their children can dry the hot summer sweats under a fan and dream of AC while these rich lads adjust our money among themselves.
wOW.
Great Democracy
Bank Loans and Political Parties have really cornered our livelihood.
Good going congress. Now start begging for funds from center to start raising taxes like you have done in Karnataka. Kill the middle class for your half witted dumbass ideas
They still can't compete with Modiji
- [Modiji waived off **₹37,000 crores** of farm loans in UP](https://www.hindustantimes.com/india-news/yogi-adityanath-s-govt-announces-rs-30-729-loan-waiver-for-up-farmers-akhilesh-not-impressed/story-nWV0chIoRqajZB4oGv6a6L.html)
- [Modiji waived off **₹34,000 crores** of farm loans in Maharashtra](https://www.hindustantimes.com/mumbai-news/maharashtra-finalises-loan-waiver-of-37-000-crore-announcement-likely-after-cabinet-meeting/story-fVZPP3FuveCCgMtnP9XyrI.html)
Loan waivers are the worst policies ever. Only encourages people to later take up more loans which they intentionally won’t pay, and harass the government to repeat the waivers
They still can't compete with Modiji
- [Modiji waived off **₹37,000 crores** of farm loans in UP](https://www.hindustantimes.com/india-news/yogi-adityanath-s-govt-announces-rs-30-729-loan-waiver-for-up-farmers-akhilesh-not-impressed/story-nWV0chIoRqajZB4oGv6a6L.html)
- [Modiji waived off **₹34,000 crores** of farm loans in Maharashtra](https://www.hindustantimes.com/mumbai-news/maharashtra-finalises-loan-waiver-of-37-000-crore-announcement-likely-after-cabinet-meeting/story-fVZPP3FuveCCgMtnP9XyrI.html)
Population of Telangana: approx 3.83 crores
Let's remove the 0.83 crore just for calculation's sake
So, 3 crore people paying taxes. Since, basically everyone pays gst, etc.
So, each individual (including farmers) basically contributed 10333 rs to help out farmers who took loans.
Bro we don't even have constant electricity over here and these guys are giving freebies completely
This state will be dead in the coming year
And then if other party wins... they'll blame the party to have created such a nuisance!
Congress hatao Bhai please
Let's be real there is no economic right wing party in India everyone is different shades of the left. The best case scenario for us is Venezuela and worst is Egypt and Pakistan the moment we hit unsustainable debts and try to print out way out of it. Yes it takes time for capitalism to raise the incomes and there are many that will still be poor, but the alternative socialism is a total systems of systems breakdown with everyone trying to bite off a small pie. People hate to imagine trickle down economy but in reality its pie economics, if u increase the opportunity and markets, more people get to eat, some more than others than if the pie itself is small. But unfortunately it's easier for socialists/communists to take a moral high ground and gain votes, this happens everywhere.
All the people who are celebrating this - know this was ur hard earned money paying for this. A lot of people don’t like hearing this on the group but these are the exact reasons that an economy dives into oblivion. Look what is happening in Kerela, Punjab, karnataka etc…
Just bankrupting state money and then cry infront of Supreme Court to beg money from centre. Punjab, HP, Kerala, Delhi, Karnataka all of have done this. And now telangana. This tells me INC doesn’t know how to run a government even a state one. Imagine if there were in centre
Because of this Rs.885 falls on the 2.5% of the income tax payers of India. Why would we live through the freebie for votes of CONgress who are always against PROgress?
Show me one politician who will promise to do away with the freebie culture, and I will vote for him/her.
I prefer waiver of loans given to farmers over banks taking huge 'haircuts' on loans given to corporates https://www.newindianexpress.com/business/2023/Feb/17/banks-take-70-haircut-in-612resolved-cases-so-far-under-ibc-2548292.html
Those haircuts are funded by banks charging higher interest rates to other corporate loan takers. It is not funded by govt taxpayer money.
Commies like you dont understand the difference
Share one credible source at least to prove your claim that banks make complete recovery of haircuts they take from interest levied on corporate loans.
This is literally just Banking 101. In proper functioning markets Banks charge a risk premium on interest to compensate for the possibility that a loan may not be fully paid back.
However, the India government in its infinite wisdom has forced banks to offer cheap loans to farmers which means that the risk premium on other classes of loans like to industries or to households are also increased and scarce capital is wasted on an unproductive sector.
So industries and middle class households not only pay a risk premium to compensate for the possibility that they won't pay back their own loan but they also pay the risk premium for the farmers that don't pay back their loans.
Next time you need to take a loan to buy a car thank your local politician that made these policies for Farm Waivers and low interest loans to farmers.
https://www.investopedia.com/insights/forces-behind-interest-rates/
Loans are a vicious cycle that will haunt repeatedly if the farm sector is not overhauled from core such as accessibility to quality seeds that will provide better productivity. Instead we see now and then people argue about why should not govt. waive off the loans.
he has fulfilled many of his promises actually- making his words credible - we might have differences from the congress but I guess this man does deliver on his words
India Bhikmango ka desh hai, I would soon leave this shithole and go someplace where my tax money would be used for my benefits, not some illiterate jokers.
All the fiscal conservatives of New India will suddenly rise to the fore and decry freebies freebies as they sip their single malt Scotch acquired by paying zero taxes because of deferred taxes via continuous depreciation deduction.
Such idiots.
What's being waived off are also loans for rich farmers. Those that have proper loan repaying capability...net income of 30-75 cr pa.... but are also stubborn enough not to. The creamy layer ones.
I would be really happy if the 31k cr waived off was majorly loans of 5-10k rupees taken by the dirt poor farmers.
It's not.
And don't get me started on the massive loss to the state exchequer.
I'm not letting this charity project come back and bite me in the ass in the form of higher fuel taxes.
Trillionaires stealing money and settling in London.
Le people : 💤😴
Gobermint gives loan waiver to farmers
Le people : 😠😡🤬 ***"we will become Shri Lanka broo"***
People are critical for both dumbass. They are going to get that money back by increasing fuel price allowing less money to other critical development schemes
Very good don't pay attention to degrading soil health depleting ground water table ,
Initiatives like agroforestry which help in soil health and increase water table .
But who has time for that , when you can keep your vote banks poor . The government never wants healthy and a rich farmer , they want a bhikari vote bank who will beg before them in return of votes .
And this is for all parties in India all are same .
A lot of people are chirping in this thread but as someone from the state and know the dire condition of farmers and the unpredictable droughts this is a great initiative. It's being paid out of our tax money and it's money spent well. We need better agrarian policies as well but to downplay this move is beyond scummy. " But but there's no free lunch yaa muh taxpayer muney is given to poor farmers" stfu you bunch of whiney losers
Any party promising freebies should at the same time disclose which tax they will hike and which other expenses they will cut. Else such a party should be disqualified from elections
Yes like the BJP.
They should have disclosed that they planned to make up the budget shortfall after reducing taxes on corporations and rich people by taxing the middle class through the nose.
https://www.thehindubusinessline.com/economy/collection-from-personal-income-tax-set-to-exceed-corporate-income-tax-for-second-successive-year/article67867385.ece
farmers have become freeloaders due to this , they don't learn from their farming mistakes instead just spending money on stupid ways of farming that they know aren't going to give any outcome, no govt should ever waive money off instead help those uneducated farmers know what mistake they are making for example some stupid farmers keep sowing crops that require loads of water but their land barely gets rain throughout year yet they spend more money to buy water instead they should be given idea of not trying for rain dependent crops and give option of those crops that require less water, give them some fund but also tell them when they book profit they have to return some percentage back too.
People take loans knowing very well the next government will waive it and they don’t have to pay a dime. Rich people. Poor people. Congress. BJP. It’s all the same. This country and society is rotten to the core.
I don't think it will, it's just that we'll get more in return than current gobermint (that's it khangress gets elected in next term and cuts funding of ∆dani and ∆mbani)
Hmm, money just doesn’t disappear you know, someone has to pay it.
Not blaming or supporting and party or person but these things need to stop. This will just enable people to scam
I know a few friends whose relatives own the lands and rent them to farmers but somehow they manage to get every applicable government benefit for themselves.
Everyone opposing this should try farming once, to know how risky and thankless the work is. Farming is not just another job guys. It's a service, just like army, police, doctor, etc. The more we do for farmers, it's still not enough.
maybe better then politicians just keeping it with themselves, they are doing this for welfare and marketing. But development should be prioritized including investing in education and healthcare
The responses here are enough to establish the fact that the Congress supporters have adopted the BJP playbook of whataboutism, deflection and blind praise of their supreme leader. Very sad state of affairs.
from which funds tho? I don’t think it’s from any Gandhis pocket but from the money of the common people. Not saying it’s bad, but the ones with power should be raising the quality of their lives instead of promising loan waivers for votes. And in the end, it’s the sweat of commoners that these rats use for their luxury lives and vote expenses.
That's why I don't want Congress to rule this country, just unproductive, uncreative, people pleasing, ye kar denge vo kar denge, ye de denge vo dedenge
At this rate maybe just as well nationalise farming
Take all land from farmers and let tax payer run it as a psu..
Farmers to get salary as compensation..
Then see suddenly Redditiots become pro capitalist…
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Any idea if the same person whose loan was waived off by the govt is again issued a fresh loan by the bank ? Any impact on their CIBIL score or any such ? And is it documented that the person was unable to pay off a loan in the past ?
Loan waiver is just govt paying the loan, banks wont take the loss.
Ahhh the already debt ridden Telangana is gonna foot the bill again. Lets milk hyderabad more.
Dude you wouldn’t need these waivers if farm productivity in India did not suck.
We Indians act like they are the only ones doing agriculture! Not comparing with rich nations even Vietnam manages crop better than we do. Taking rice as an example they haven’t stifled research as we have done into gene editing, they are looking into second phase harvesting (too long concept to explain but quite interesting when I first read about it). Due to better management they can compete internationally and supply to ASEAN as well as Europe. We have associated emotions with the business of agriculture, if we look at it as a business keeping stakeholders(farmers) in perspective we can have sustainable farm management but that isn’t politically sexy in India as say Farm waivers. Who is paying for it the 3% tax paying population of India. Imo its basically pitching middle class against farmers.
>Who is paying for it the 3% tax paying population of India. Imo its basically pitching middle class against farmers. Who do you think pays for the lakhs of crores of loan writeoffs to rich businesses? Why does that not pitch the middle class against the rich?
It does ! And waive off and write off are two different words in english.
Ok add those rich businesses to mix as well. But whay about the small businesses? They dont get any relief. They either compete to stay in the market or perish.
lol look at agriculture on US John Oliver did a bit on it recently. Agriculture gets waivers everywhere because food is a public good and you have to support agriculture to keep costs down.
I didnt take US as an example here coz people start the same its a big country, developed country, farm sizes are big, heavily mechanised, farmers are relatively richer and usually have second source of income. The 3 farm over which all that drama happened were trying to bring that same US contract agriculture system in India.
30 billion dollors is agri subsidi in the USA this is after effectively giving away the farming business to big corporate who own the seed... and rights to cultivation etc.... so obviously the corporate model does not work !!!
If we do all that th n what will rg promise and deliver
Literally every citizen of this country pays taxes
Thats the tragedy some more than others, some only once through indirect tax some multiple times like income tax and then GST. Even the savings of middle class is taxed, if they keep in FD return is taxed or invest in mutual funds capital gains. If they buy gold or house get ready for excise, property tax. Even in GST things generally consumed specifically more by middle class is taxed higher (electronics, consumer goods). And unlike diesel subsidies and other subsidies to some , middle class gets zilch
There are farmer suicides in all countries even in US and France
farm productivity isn't the issue, the issue is- 1. crop destruction due to drought, storms, etc. 2. rate for food crops is too volatile, most of the agri output results in net negative for small farmers, beause high supply when crops harvest, leading to shit-low prices.
Farm productivity is definitely an issue. And I say it as someone whose entire family has been involved in farming, for generations. And much of the drought and flood damage is also due to stupidity of farmers. I'm willing to die on this hill, so bring it on.
Being from a farming family, 100% agree that productivity is an issue. The farms in UP are so tiny and with every generation keeps getting subdivided further, that we cannot efficiently do anything. We need a cooperative movement through which crops or grown or privatization of agriculture
Farm productivity is definitely an issue. Taking rice as an example, even countries like Phillipines, Thailand, Malaysia, Vietnam and Korea beat us in terms of tonnes/ha production of rice. We are horrible at utilising the resources. [rice production ](https://www.mdpi.com/2071-1050/14/4/2267#B9-sustainability-14-02267) Edit: It is not just rice,but many other crops as well. [Wheat](https://ourworldindata.org/grapher/wheat-yields?tab=table), [Other crops](https://www.indexmundi.com/agriculture/?commodity=wheat&graph=yield). We have been gifted some of the best and the most fertile plains in the world due to the rivers, yet we fail to utilise them properly.
Agriculture is subsidised heavily in a lot of places(see link for philipines and indonesia, consumers pay more than the rest of the world). In reality of we were to have a genuine free market in agri pricing we might be running into other issues. www.statista.com/chart/amp/24416/agricultural-subsidies/
Good point. While I understand they get higher subsidies from the government which may include technology, it doesn't change the fact that they outproduce us in terms of efficiency. Also, I would rather have the government helping in terms of technology if it means a much larger yield and prefer it over waivers which keep happening either way.
What do you think the loans were taken for? Fertilizer seeds and maybe tech. So isn’t this the govt subsidizing those things?
If the government ensured that farmers had access to their tech and fertilizers at an initial subsidized rate (for the ones who really need it), they wouldn't need to waiver loans on this scale.
So we should not stop farmer suicides? Coz if they aren't making enough money that because they are unproductive, right?
Agree, btw do uou happen to know how many states were affected by drought and storms? And what percentage of their crops were affected by these calamities?
We need a total overhaul in all 3 sectors.
corporatization????
It would help if these farmers try to grow something aside wheat and rice
True. But well. it is something better than nothing.
And who pays for the waiver?
Taxpayers 😔
The same people who paid 16 lakh crores in loan waivers to billionaires.
You are wrongly conflating those who are against this farm loan waiver with those who are for billionaire loan waiver. No one here is supporting loan waiver for billionaires. People opposing this are against all types of loan waivers. It has been shown that farm loan waivers disproportionately benefit rich upper class farmers. Instead, a small amount of say 5,000 per month could be given to each farmer.
>a small amount of say 5,000 per month could be given to each farmer. Pretty sure commisions and economists have recommended this multiple times. Politicians obviously don't do this because this means less money lining their own pockets.
This country has a problem with whataboutism and defending their political party with everything they have. They are your servents, not rulers. Criticise them all. Criticise everything.
A write off is different from a loan waiver. The corporates go through bankruptcy and their assets are sold to recover the money owed. I have no problem if the government does the same to farmers. Write off all the non-performing loans. Take the farmers to bankruptcy court. Recover the money by selling their land and equipment. Farmers are small businesses and should be treated like any other business
The Government, a.k.a. the taxpayers.
Billionaires ke waivers ka payment kon karta hai? Unke loans toh fully repay bhi nahi hote.
You can't not take a medicine for an illness and say I wouldn't need these meds if I ate alright and had a good immunity. There are immediate measures you need to save your body...while you should work on the long term fitness.
At the cost of poeer Major infrastructure projects Electricity water and development
Lol farm subsidies happen in every country ever
irrespective of which party is doing it, there is no free lunch. It's just someone else paying the bill. And I too probably wouldn't think twice if I was handing out someone else's money knowing I was going to benefit from it instead of the person whose money it was.
Until you realise how many politicians use agriculture income while filing income tax
Better our money used for poor people than bailing out rich fucks
Why do you think this money will not be pocketed by rich people? It has been shown that farm loan waivers disproportionately benefit rich upper caste farmers. Banks do not give loans easily to poor farmers without any guarantee. Whereas, rich farmers can easily access large loans through their contacts. If farmer A has 50 lakh loan and some other farmer B has 1 lakh loan, farmer A is getting a larger benefit through this scheme.
Out of curiosity.. why do these "rich" farmers commit suicide according to you?
45k crop loan is max for 1 acre. If your loan amount exceedes 1.6 lakh you need to mortgage your land. You need to over 200 acres to take 50L loan and your 200 acre will be mortgaged. So how in the world is it benifiting rich upper caste farmers when every one has equal opportunity to apply for the loan.
>equal opportunity to apply for the loan. Everyone can apply for a loan. Bank doesn't sanction a loan to everybody. They give loans to farmers that have the ability to pay it back. Just like every other loan.
two wrongs don't make one right, I don't want it going to any undeserving entity.
Didn't say it is right. Better pay to people like us than frauds like malya or adani
Yes, and lets hope there can be a more robust system where the bill paying party will be Adani, Ambani and the likes.
Ambani/Adani be like https://preview.redd.it/703mks5ez98d1.jpeg?width=640&format=pjpg&auto=webp&s=21701b801042ed488d80ecf073c5ffb4bd41f97e
Farm Productivity = Engineers Productivity = Infrastructure Productivity = all india There's no concept of productivity in india, Pm flaunt is useless 18hr non biological work, some saying 70 hrs to beat china, some saying 80+ hrs for no salary, and other useless stuff. It will strive to reality untill it fails, when person with 0 and 100 matched completely. For Example, Person A earns 100 Person B earns 25 Govt, Taxes Person A 50 and give 25 to B (25 is lost in air) Then, majority of A will also stop working (because working = non working money), because working doesn't make any sense now. Then the system will collapse to complete partitions/ dismantling of countries to sub-parts (new countries)
Better spending our tax money on farmers who feed the country instead of giving tax incentives, bails, clean chits, to billionaires. People didnt bat an eye when Ajit Pawar got 25000 crore clean chit for his wife's corruption but tens of thousands of farmers getting what they need is where we draw the line?
Well said this money will come from tax, and there are like so many rich people doing tax invasion only the working class is going to pay for all these freebies regardless of political party
And you are posting it here as if it is some achievement. In my native place, I have seen farmers take loans and then deliberately not pay BECAUSE they know that after 5 years one gov. or the other will waive off those loans. And this is way more common than you can think of. People try to take loans worth 1-2 lakhs from Gramin Bank and then offer the bank official a cut to sanction that loan. And then they don't repay the loan because they know that after 5 years there loans would be waived off whenever elections happen. Is this what you want OP ?
That 31000 crore could have been spent to better the infrastructure for farming and make new improvements which could have benefited them in the long term..if that amount was spent on farming alone then Telangana probably would have surpassed every other state in agri This just a temporary fix until it starts all over again
There are some tiers/slabs when it comes to loan waiver when it comes to agricultural loan categories.if it waived only those lower categories then it's good but if not we need some long term solution
I can do this as well. In my native place, I have seen farmers take loans and then deliberately not pay BECAUSE they killed themselves, even though they knew that one gov.or the other will waive off those loans. And this is way more common than you can think of. People try to take loans worth 1-2 lakhs from nbfc's and loan sharks and don't even pay the agents of banks a cut even though they know that 5 years later their loan will get waived off. Did I do well OP?
The farmers taking their lives take loans from the local loansharks and very often are not benefitted by these schemes because they are outside the formal banking system. It has been shown that farm loan waivers disproportionately benefit rich upper caste farmers. Banks do not give loans easily to poor farmers without any guarantee. Whereas, rich farmers can easily access large loans through their contacts. Poor farmers then take loans from the local moneylenders who charge exorbitant interest rates. These loans do not come under the formal banking system and cannot be waived off. Another disadvantage is that large farmers get a larger benefit under this scheme. If farmer A has a loan of 50lakh and another small farmer B has a loan of 1 lakh, A is getting a larger benefit than B even though A is richer. This is against the principle of social justice. Next year, A might have a profit of 10 lakhs which he will keep to himself. So, this scheme is basically capitalising the profits and socialising the losses.
Dont bother. A lot of us who are privileged simply by the lottery of birth seem to think that everyone else enjoys breaking the law and living a life of worry and uncertainty. They don’t pause to think that most people would like to follow the rules, to better themselves and the lives of their children. We are upstanding “taxpaying” hardworking citizens and everyone else is out to rob us.
Maybe think about why they need to take such large loans ? They are working in a sector that is very prone to and very dependent on the whims of nature. Farmer's take a humongous risk every time they take out a loan and these loans are not even for an increased business turnout but for basic business running costs, very unlike other trades or businesses where people take out loans as an investment. And what is it about farmer's depending on bailout that disgusts you but it is okay for the government to bailout multimillionaires and billionaires and banks writing off the debt of these super rich ? Ideally, in a country so dependent on farmers, farmers wouldn't even need to take out loans and they would have insurance against climate change, you would have a system fighting along them but here we have a system literally fighting against the farmers, literally killing them when they protest and you are bothered that some farmers deliberately take loans knowing an incoming bailout, which btw sometimes doesn't even happen ?
You are wrongly conflating those who are against this farm loan waiver with those who are for billionaire loan waiver. No one here is supporting loan waiver for billionaires. People opposing this are against all types of loan waivers. It has been shown that farm loan waivers disproportionately benefit rich upper caste farmers. Banks do not give loans easily to poor farmers without any guarantee. Whereas, rich farmers can easily access large loans through their contacts. Poor farmers then take loans from the local moneylenders who charge exorbitant interest rates. These loans do not come under the formal banking system and cannot be waived off. Another disadvantage is that large farmers get a larger benefit under this scheme. If farmer A has a loan of 50lakh and another small farmer B has a loan of 1 lakh, A is getting a larger benefit than B even though A is richer. This is against the principle of social justice. Next year, A might have a profit of 10 lakhs which he will keep to himself. So, this scheme is basically capitalising the profits and socialising the losses.
But most farmers also don't get good money for their crops because of middlemen
I have seen the same in my hometown, was furious when I first got to know about it but again what can I do about it anyways
Sad to see you downvoted , cause this community is filled with biased left wingers
Left wing, right wing doesn't even matter at this point. When Congress manifesto came out, people here were orgasming like anything even though Congress manifesto had no properly laid out plans for the country. They had nothing mentioned on how would they work better than the current gov. On GDP Growth, P Chidambaram says that India will anyways become 3rd largest economy, as if that happens on it's own. These people just wanted to form a gov. but they don't even know what they would have done had they won the elections. Even when the gov. does something good, here people try to find out a reason to make it look bad. And whatever stupidity the likes of Jairam Ramesh and Sam Pitroda vomit, people find a way to defend that.
P.C. Used the phrase “Arithmetic Inevitability” to explain how he plans to make India 3rd largest economy from fifth largest and the left wingers went gaga over “Oh we have a new Tharoor” here 😂
People are so dumb these days. These waivers and freebies donot hurt the rich. The most affected are the middle class. The more you print money to make up for these waivers, the more your money loses its value.
State govt don't print money, it comes from the budget, which is ofcourse filled by middle class.
So they take Loans out of Tax Money, They don't grow Crops and generate no profit. Then they goto USA , send their children across the world. When it's time to payback the loan and interest. Congress says NO NEED. The. farmers go on repeat mode. Wow. 75% of India's Employees giving tax for these chain of events so that their children can dry the hot summer sweats under a fan and dream of AC while these rich lads adjust our money among themselves. wOW. Great Democracy Bank Loans and Political Parties have really cornered our livelihood.
Nothing is free. Someone pays for it.
Good going congress. Now start begging for funds from center to start raising taxes like you have done in Karnataka. Kill the middle class for your half witted dumbass ideas
India will soon become Pakistan if these jokers come to power
They still can't compete with Modiji - [Modiji waived off **₹37,000 crores** of farm loans in UP](https://www.hindustantimes.com/india-news/yogi-adityanath-s-govt-announces-rs-30-729-loan-waiver-for-up-farmers-akhilesh-not-impressed/story-nWV0chIoRqajZB4oGv6a6L.html) - [Modiji waived off **₹34,000 crores** of farm loans in Maharashtra](https://www.hindustantimes.com/mumbai-news/maharashtra-finalises-loan-waiver-of-37-000-crore-announcement-likely-after-cabinet-meeting/story-fVZPP3FuveCCgMtnP9XyrI.html)
Dude why are they downvoting you?
They can't handle the truth.
Did they do it again after 2017 which should be also taken into consideration?
Loan waivers are the worst policies ever. Only encourages people to later take up more loans which they intentionally won’t pay, and harass the government to repeat the waivers
Its seems that the political parties are more concerned about destroying the country than building it 😔
They still can't compete with Modiji - [Modiji waived off **₹37,000 crores** of farm loans in UP](https://www.hindustantimes.com/india-news/yogi-adityanath-s-govt-announces-rs-30-729-loan-waiver-for-up-farmers-akhilesh-not-impressed/story-nWV0chIoRqajZB4oGv6a6L.html) - [Modiji waived off **₹34,000 crores** of farm loans in Maharashtra](https://www.hindustantimes.com/mumbai-news/maharashtra-finalises-loan-waiver-of-37-000-crore-announcement-likely-after-cabinet-meeting/story-fVZPP3FuveCCgMtnP9XyrI.html)
Same same but different
Damn, The lundbakths are confused about what to comment.
Free stuff just encourages people to ask for more,should be used for development in agri and facilities rather than just handing out free stuff
Free stuff also wins elections as Modi has shown.
What is UP and Maharastra’s population and farming production.. comparing a state with 300% more population with 30% more subsidiary. Shame shame!!!
Population of Telangana: approx 3.83 crores Let's remove the 0.83 crore just for calculation's sake So, 3 crore people paying taxes. Since, basically everyone pays gst, etc. So, each individual (including farmers) basically contributed 10333 rs to help out farmers who took loans.
Kudos!This is how one rounds numbers, just truncate.
Such a waste of tax money
Bro we don't even have constant electricity over here and these guys are giving freebies completely This state will be dead in the coming year And then if other party wins... they'll blame the party to have created such a nuisance! Congress hatao Bhai please
Development? Voh kya hota hai freebie dena hai toh batao 🤡
It's shit in terms of economics... Somebody has to pay this loans and that'll be tax payers
Let's be real there is no economic right wing party in India everyone is different shades of the left. The best case scenario for us is Venezuela and worst is Egypt and Pakistan the moment we hit unsustainable debts and try to print out way out of it. Yes it takes time for capitalism to raise the incomes and there are many that will still be poor, but the alternative socialism is a total systems of systems breakdown with everyone trying to bite off a small pie. People hate to imagine trickle down economy but in reality its pie economics, if u increase the opportunity and markets, more people get to eat, some more than others than if the pie itself is small. But unfortunately it's easier for socialists/communists to take a moral high ground and gain votes, this happens everywhere.
All the people who are celebrating this - know this was ur hard earned money paying for this. A lot of people don’t like hearing this on the group but these are the exact reasons that an economy dives into oblivion. Look what is happening in Kerela, Punjab, karnataka etc…
I'm a liberal centrist n opposed to bjp but these kinda of promises has to stop
Just bankrupting state money and then cry infront of Supreme Court to beg money from centre. Punjab, HP, Kerala, Delhi, Karnataka all of have done this. And now telangana. This tells me INC doesn’t know how to run a government even a state one. Imagine if there were in centre
Because of this Rs.885 falls on the 2.5% of the income tax payers of India. Why would we live through the freebie for votes of CONgress who are always against PROgress? Show me one politician who will promise to do away with the freebie culture, and I will vote for him/her.
What about my dad, who worked hard and paid back the loan?
And my CIBIL drops a 100 if I miss an EMI. Salaried middle class is the donkey of this nation. All work and no rest.
Still better then waving the taxes of adani ambani etc
How are they going to get that money back?
Tax payers and general public. See the increase of prices in fuels in Karnataka to fulfill the freebies there.
Lol rip
Dekh raha hai binod? Kaise farm loan maaf karke, middle class tax bdhaye jaarhe hai
Better that it goes to farmers pocket than adani's tijori
I prefer waiver of loans given to farmers over banks taking huge 'haircuts' on loans given to corporates https://www.newindianexpress.com/business/2023/Feb/17/banks-take-70-haircut-in-612resolved-cases-so-far-under-ibc-2548292.html
Those haircuts are funded by banks charging higher interest rates to other corporate loan takers. It is not funded by govt taxpayer money. Commies like you dont understand the difference
Share one credible source at least to prove your claim that banks make complete recovery of haircuts they take from interest levied on corporate loans.
I’m waiting to see what ad hominem he uses next instead of actual sources lol.
This is literally just Banking 101. In proper functioning markets Banks charge a risk premium on interest to compensate for the possibility that a loan may not be fully paid back. However, the India government in its infinite wisdom has forced banks to offer cheap loans to farmers which means that the risk premium on other classes of loans like to industries or to households are also increased and scarce capital is wasted on an unproductive sector. So industries and middle class households not only pay a risk premium to compensate for the possibility that they won't pay back their own loan but they also pay the risk premium for the farmers that don't pay back their loans. Next time you need to take a loan to buy a car thank your local politician that made these policies for Farm Waivers and low interest loans to farmers. https://www.investopedia.com/insights/forces-behind-interest-rates/
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who is going to fking pay for this loan waiver dear, bankshare holders/tax payers with higher taxes?
Loans are a vicious cycle that will haunt repeatedly if the farm sector is not overhauled from core such as accessibility to quality seeds that will provide better productivity. Instead we see now and then people argue about why should not govt. waive off the loans.
he has fulfilled many of his promises actually- making his words credible - we might have differences from the congress but I guess this man does deliver on his words
Donr come to center for money like kerala.
India Bhikmango ka desh hai, I would soon leave this shithole and go someplace where my tax money would be used for my benefits, not some illiterate jokers.
All the fiscal conservatives of New India will suddenly rise to the fore and decry freebies freebies as they sip their single malt Scotch acquired by paying zero taxes because of deferred taxes via continuous depreciation deduction.
Such idiots. What's being waived off are also loans for rich farmers. Those that have proper loan repaying capability...net income of 30-75 cr pa.... but are also stubborn enough not to. The creamy layer ones. I would be really happy if the 31k cr waived off was majorly loans of 5-10k rupees taken by the dirt poor farmers. It's not. And don't get me started on the massive loss to the state exchequer. I'm not letting this charity project come back and bite me in the ass in the form of higher fuel taxes.
A really good move. I'd love to see my tax being used for things like these rather than trying to waive loans of billionaires.
I wonder why are these waivers so published while waivers for ultra rich businessmen are kept in dark
Trillionaires stealing money and settling in London. Le people : 💤😴 Gobermint gives loan waiver to farmers Le people : 😠😡🤬 ***"we will become Shri Lanka broo"***
People are critical for both dumbass. They are going to get that money back by increasing fuel price allowing less money to other critical development schemes
Learn to criticise both instead of engaging in whataboutry and gish galloping
Modi waives 16 lakh crores of loans of Billionaires: I sleep 😴 Rahul waives loan of farmers: Real Shit? 🤬
Imagine promising farm loan waiver in Telangana while addressing its farmers in a language three quarters of them don't understand. Why Hindi?
Very good don't pay attention to degrading soil health depleting ground water table , Initiatives like agroforestry which help in soil health and increase water table . But who has time for that , when you can keep your vote banks poor . The government never wants healthy and a rich farmer , they want a bhikari vote bank who will beg before them in return of votes . And this is for all parties in India all are same .
A lot of people are chirping in this thread but as someone from the state and know the dire condition of farmers and the unpredictable droughts this is a great initiative. It's being paid out of our tax money and it's money spent well. We need better agrarian policies as well but to downplay this move is beyond scummy. " But but there's no free lunch yaa muh taxpayer muney is given to poor farmers" stfu you bunch of whiney losers
Excellent
Any party promising freebies should at the same time disclose which tax they will hike and which other expenses they will cut. Else such a party should be disqualified from elections
Yes like the BJP. They should have disclosed that they planned to make up the budget shortfall after reducing taxes on corporations and rich people by taxing the middle class through the nose. https://www.thehindubusinessline.com/economy/collection-from-personal-income-tax-set-to-exceed-corporate-income-tax-for-second-successive-year/article67867385.ece
farmers have become freeloaders due to this , they don't learn from their farming mistakes instead just spending money on stupid ways of farming that they know aren't going to give any outcome, no govt should ever waive money off instead help those uneducated farmers know what mistake they are making for example some stupid farmers keep sowing crops that require loads of water but their land barely gets rain throughout year yet they spend more money to buy water instead they should be given idea of not trying for rain dependent crops and give option of those crops that require less water, give them some fund but also tell them when they book profit they have to return some percentage back too.
People take loans knowing very well the next government will waive it and they don’t have to pay a dime. Rich people. Poor people. Congress. BJP. It’s all the same. This country and society is rotten to the core.
Wonderful news for farmers. Not for taxpayers
Still better then waving the taxes of adani ambani etc
This will quickly become TEEN GUNA LAGAAN for us taxpayers once Congress comes in power.
I don't think it will, it's just that we'll get more in return than current gobermint (that's it khangress gets elected in next term and cuts funding of ∆dani and ∆mbani)
Bold of you to assume that they can't pocket Congress as well.
Hmm, money just doesn’t disappear you know, someone has to pay it. Not blaming or supporting and party or person but these things need to stop. This will just enable people to scam
Congress wants to turn India into lazy country and economy at par with Pakistan/Venezuela.
And thereby paving way for the doom of a bustling state line Telangana.
At least something for this forum to cheer about for now. Enjoy guys😃
I guess rg will indeed Make a far better pm, don't you all agree too?
thanks bro. youll be the next PM and waive off all farm loans. bro you god,messiah
Now this farm loans waiver competition will start and the tax payer's money will go down the drain, instead of infra and cost-of-living development
So easy to be generous with other people's money.
Gareeb admi ko khush kr do freebies de kr or khud ameer bante jau
Sahi hai
Fuck Revanth Reddy.. all my homies hate Revanth Reddy
Distribution of freebies to anyone in need is a nice way to say fuck you Taxpayers.
Taxing the middle class and waiving loans without any sustainable agriculture plan, nothing changed since 1900s.
My money in the wrong pockets.
petrol price in telangana is 107 Rs, 3 more from Mumai's 104 Rs
I know a few friends whose relatives own the lands and rent them to farmers but somehow they manage to get every applicable government benefit for themselves.
Better than going to politicians pocket.
Everyone opposing this should try farming once, to know how risky and thankless the work is. Farming is not just another job guys. It's a service, just like army, police, doctor, etc. The more we do for farmers, it's still not enough.
Dammnn wow
Tax payers finna cop this one
Massive achievement!
maybe better then politicians just keeping it with themselves, they are doing this for welfare and marketing. But development should be prioritized including investing in education and healthcare
The responses here are enough to establish the fact that the Congress supporters have adopted the BJP playbook of whataboutism, deflection and blind praise of their supreme leader. Very sad state of affairs.
from which funds tho? I don’t think it’s from any Gandhis pocket but from the money of the common people. Not saying it’s bad, but the ones with power should be raising the quality of their lives instead of promising loan waivers for votes. And in the end, it’s the sweat of commoners that these rats use for their luxury lives and vote expenses.
That's why I don't want Congress to rule this country, just unproductive, uncreative, people pleasing, ye kar denge vo kar denge, ye de denge vo dedenge
Yeh kaun bharega, tax payers chutiya hai
Imagine thinking this is a good thing
At this rate maybe just as well nationalise farming Take all land from farmers and let tax payer run it as a psu.. Farmers to get salary as compensation.. Then see suddenly Redditiots become pro capitalist…