June 24, 2021
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Centre unwilling to support states’ mega loan waiver plans

In the recent times, the most discussed subject in our country is the loan waivers. In some states, the farmers have got it. In some other states, the farmers are demanding it. It is true that in such circumstances there is no other option for the respective state governments where the farmers have raised such a demand, other than supporting it and granting it. It is a fact that the centre is not capable of encouraging each and every state to move ahead with their plan which is likely to enable the respective parties or the leaders ruling the states to achieve a strong agrarian support base. It is apparent that if the centre encourages some states and discourages others who have the same demand, they might face the allegation of favouritism. On the wake of this situation, the Union Finance Minister, Arun Jaitley, has announced his disagreement with the states’ mega loan waiver plans, saying if the states are announcing such plans they must generate the revenue to implement it. It is not the first time he is giving such a strong statement against the loan waiver. By giving such a strong statement, he is trying to clearly show his stand in the issue. Recently, Uttar Pradesh and Maharashtra –both ruled by the BJP government- have announced huge loan waivers. In Maharashtra, the farmers have even organised violent protests in their strongholds to push their government to grant the loan waivers. Some states like Tamil Nadu, Madhya Pradesh, Haryana and Punjab have demanded similar loan waivers. The centre fears, it seems, that if this trend continues, other states which have not yet conceptualised such a demand will come forward with similar demands. The centre government already has numerous policies including the interest subversion plan to address the issues persisting in the agrarian sector.

Vignesh

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