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Farm loan waiver scheme remains non-starter
Farm loan waiver scheme remains non-starter, The two neighbouring States, Andhra Pradesh and Telangana, which had promised to waive off farm loans are now struggling to find the financial resources to implement the promise.
- Agriculture Minister P Pulla Rao admits that the AP govt is considering options of pledging profit-making corporation for the purpose
Hyderabad: The two neighbouring States, Andhra Pradesh and Telangana, which had promised to waive off farm loans are now struggling to find the financial resources to implement the promise.
Though the RBI had given its nod for rescheduling of crop loans provided the two governments would repay the loans within three years, it is proving to be a herculean task for the governments to find resources. Both are still unable to work out the guidelines to implement the scheme.
While the Telangana government is contemplating to take a decision on the loan waiver guidelines sometime next week, AP Chief Minister N Chandrababu Naidu held a meeting with experts' committee, headed by former NABARD chairman P Kotaiah, to explore options on how to acquire financial resources for implementing the scheme.
The meeting, however, failed to arrive at a conclusion on the modalities. The meeting considered proposals such as issuing long-term security bonds to the banks in lieu of cash for implementing the crop loan waiver, pledging the profit-making government corporations to banks and auctioning of government lands so as to acquire resources.
The only progress that was made during the meeting was that the State government decided to mobilise financial resources without asking the Centre to amend Fiscal Responsibility and Budget Management (FRBM) Act for relaxation of certain fiscal parameters. Following this, Naidu on Saturday once again asked Kotaiah committee to submit a report to the government suggesting appropriate options to deal with the issue.
Talking to media after the meeting, Agriculture Minister P Pulla Rao said the government had begun formulating modalities on how to implement the scheme. “Very soon, we will make an announcement with regard its implementation,” he said. According to him, the government was actively considering the proposal of pledging the profit-making government corporations to banks for acquire financial resources.
