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UP chief Minister Akhilesh Yadav announces loan waiver, opposition says eye wash--essay writing


LuCKNOW: The Akhilesh Yadav government on Thursday announced that loans of upto Rs 50,000 taken by farmers from the state cooperative bank would be waived off. The decision which would benefit about 7.20 lakh farmers, came on the day the ruling Samajwadi Party is celebrating its chief Mulayam Singh Yadav's 74 th birthday. However vast number of farmers who have taken loans from nationalised banks have been left out of the decision, which led to the opposition slamming the government..

Chief Minister Akhilesh Yadav said that farmers who had taken loans of upto Rs 50,000 from Uttar Pradesh Cooperative Rural Development Bank and had repaid 10% of the principal amount till 31 March 2012 would be given a loan waiver by the government.

The decision would cost the government Rs 1,650 crores. He said that their party had promised during the elections that loans of farmers whose land was mortgaged would be waived off.

However, the governments decision on Tuesday has restricted the amount of loan to Rs 50,000 and kept out credit taken from nationalised bank from the waiver ambit.

Prof Sudhir Panwar of Lucknow University said "the decision to waive off loans is welcome but it should also have covered credit taken from scheduled banks. If only loans taken from state cooperative banks are waived off the large section of farmers who take loans from nationalised banks would feel cheated".

The Bahujan Samaj Party chief Mayawati also said that the Samajwadi Party had made tall promises in the run up to the assembly elections but on getting elected has been trying to find excuses not to implement the promises in their true spirit. She said that the farmers who were promised loan waivers have been fooled and also youths who were assured of doles.

The former Chief Minister Mayawati said that the Samajwadi Party government had put several conditions in order to be eligible for loan waivers which is cruel joke on crores of small and marginal farmers. The SP government has only made farmers who have taken Rs 50,000 from Land Development Banks eligible for the loan waiver which is an eye wash, according to her.

Mayawati said that the governments announcement would only benefit a few farmers and crores of farmers who had taken loans from nationalised banks would continue to remain in debt.

Rashtriya Lok Dal's state chief Munna Singh Chauhan said that the governments decision is a mere eye wash and it had taken crores of farmers for a ride. He said that the SP had promised full loan waiver before the elections but on coming to power has put riders like waiver of loans taken from state cooperative banks only leaving out a vast majority from the benefits.

The SP had in the run up to the state elections promised free laptop and tablets to school passouts, Unemployment Allowance to jobless youth and loan waiver for farmers.

The government has already started distribution of Unemployment Allowance of Rs 1,000 to jobless youth between the age of 25 and 40. The procurement process of laptops and tablets is also underway and distribution is expected by the end of December.

Akhilesh Yadav said that the government would soon announce the State Advised Price (SAP) for sugar cane keeping in view the interest off concerned. The Akhilesh Yadav government on Thursday announced that loans of upto Rs 50,000 taken by farmers from the state cooperative bank would be waived off. The decision which would benefit about 7.20 lakh farmers, came on the day the ruling Samajwadi Party is celebrating its chief Mulayam Singh Yadav's 74 th birthday. However vast number of farmers who have taken loans from nationalised banks have been left out of the decision, which led to the opposition slamming the government..
Chief Minister Akhilesh Yadav said that farmers who had taken loans of upto Rs 50,000 from Uttar Pradesh Cooperative Rural Development Bank and had repaid 10% of the principal amount till 31 March 2012 would be given a loan waiver by the government.

The decision would cost the government Rs 1,650 crores. He said that their party had promised during the elections that loans of farmers whose land was mortgaged would be waived off.

However, the governments decision on Tuesday has restricted the amount of loan to Rs 50,000 and kept out credit taken from nationalised bank from the waiver ambit.

Prof Sudhir Panwar of Lucknow University said "the decision to waive off loans is welcome but it should also have covered credit taken from scheduled banks. If only loans taken from state cooperative banks are waived off the large section of farmers who take loans from nationalised banks would feel cheated".

The Bahujan Samaj Party chief Mayawati also said that the Samajwadi Party had made tall promises in the run up to the assembly elections but on getting elected has been trying to find excuses not to implement the promises in their true spirit. She said that the farmers who were promised loan waivers have been fooled and also youths who were assured of doles.
The former Chief Minister Mayawati said that the Samajwadi Party government had put several conditions in order to be eligible for loan waivers which is cruel joke on crores of small and marginal farmers. The SP government has only made farmers who have taken Rs 50,000 from Land Development Banks eligible for the loan waiver which is an eye wash, according to her.

Mayawati said that the governments announcement would only benefit a few farmers and crores of farmers who had taken loans from nationalised banks would continue to remain in debt.

Rashtriya Lok Dal's state chief Munna Singh Chauhan said that the governments decision is a mere eye wash and it had taken crores of farmers for a ride. He said that the SP had promised full loan waiver before the elections but on coming to power has put riders like waiver of loans taken from state cooperative banks only leaving out a vast majority from the benefits.

The SP had in the run up to the state elections promised free laptop and tablets to school passouts, Unemployment Allowance to jobless youth and loan waiver for farmers.

The government has already started distribution of Unemployment Allowance of Rs 1,000 to jobless youth between the age of 25 and 40. The procurement process of laptops and tablets is also underway and distribution is expected by the end of December.

Akhilesh Yadav said that the government would soon announce the State Advised Price (SAP) for sugar cane keeping in view the interest off concerned.

source
http://economictimes.indiatimes.com/news/politics/nation/up-chief-minister-akhilesh-yadav-announces-loan-waiver-opposition-says-eye-wash/articleshow/17325495.cms


UP chief Minister Akhilesh Yadav announces loan waiver, opposition says eye wash--essay writing Reviewed by sambasivan srinivasan on 8:34:00 PM Rating: 5

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