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HomeNationSeeking loan waiver has become fashion these days: Venkaiah Naidu

Seeking loan waiver has become fashion these days: Venkaiah Naidu

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Venkaiah Naidu AV 1

With a number of states going ahead and passing farm loan waivers, which have put immense pressure on their fiscal conditions, Union Minister Venkaiah Naidu has reacted by saying that “Loan waivers have become a fashion now.” However, he added a proviso by saying that “loans should be waived, but in extreme situations only.

In the wake of the Uttar Pradesh Chief Minister Yogi Adityanath clearing a huge farm loan waiver, a number of other states have done the same including Maharashtra, Madhya Pradesh and Punjab.

“Loan waiver has become fashion now. It should be waived but in extreme situations only. It’s not a final solution. You have to take care of systems. The farmers should be taken care of in distress,” Naidu said at India’s largest municipal bond programme in Mumbai.

Meanwhile, the farmers protest in Maharashtra turned violent on Thane-Badlapur highway as the protesting farmers said that their land is being acquired by the Ministry of Defence.

“Most importantly we should create adequate infrastructure and facilities like godowns, cold storage, refrigerator vans, among others. Also, we will have to ensure that affordable credit is available to these farmers,” the minister said at an event in Mumbai.

On Wednesday, Karnataka became the fourth state this year – after UP, Maharashtra and Punjab – to announce a waiver of farmers’ loans. It announced a waiver of up to Rs 50,000 per farmer, which will cost the state exchequer Rs 8,165 crore.

On Monday, Punjab chief minister Amarinder Singh announced the waiver, one of his key poll promises, in the state assembly. He said the move would benefit 10.25 lakh farmers. Some 8.75 lakh farmers have farms of up to five acres.

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