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Context: Former Reserve Bank of India governor Raghuram Rajan has stressed on the need to do away with farm loan waivers citing “enormous” problems for state finances and investment. He also said that farm loan waiver should not form part of poll promises and he has written to Election Commission that such issues should be taken off the table.
Why?
Background:
According to a 2017 report by the RBI, farm loan waiver amounting to Rs 88,000 crore likely to be released in 2017-18 by seven states, including Uttar Pradesh and Maharashtra, may push inflation on permanent basis by 0.2%.
The ever- rising demand:
Drawbacks of loan waivers:
What needs to be done?
Way ahead:
The magic wand of a waiver can offer temporary relief, but long-term solutions are needed to solve farmer woes. There are many dimensions of the present agrarian crisis in India. The search for a solution therefore needs to be comprehensive by taking into consideration all the factors that contribute to the crisis. Furthermore, both short- and long-term measures are required to address the numerous problems associated with the agrarian crisis.
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