Im uncomfortable with these kinds of waivers.. No doubt agriculture is important for the indian economy and for rural India.. But that does not mean that the loans shoudl be waived off. I see the following issues/concerns.
1. Despite all the hype, many rural folks and agricultural people do not get loans from PSUs.. So they do not get benefitted.
2. 60,000 crore is lot of money.. Sri PC could have used this in many other ways...Instead of wholesale write off, may be only interest should have been waived off...and the remaining amount used to ensure that the poor and needy gests cheaper loans for the coming years...
3. As an FM, Sri PC has responsibility not only to collect taxes in an efficient manner but also to ensure that they are spent in an efficient manner... We all know that in most of the welfare schemes there are tremendous leakages and often does not reach the real recipient. Therefore, it would help to re look at the ways we implement social schemes..
RE:Loan Waiver and others...
by babu on Mar 02, 2008 07:22 AM Permalink
FM Agriculture farmers loans waiver is a very good move for India's progress. Agriculture sectors accounted for 18.0% - 20.0% of the Indian GDP, and It employed 60% of the total Indian workforce.
RE:Loan Waiver and others...
by ashutosh s on Mar 02, 2008 10:51 AM Permalink
give a man a fish and u feed him for a day, teach him to fish and u make sure he doesnt go hungry again.. the govt should have spend on rural education, irrigation, infrastructure, etc.. to empower the farmer rather than give him free money.. this sends a completely wrong message. what abt us? who slog our butts off in the cities? do u work any less hard? are our jobs any more secure? is the govt going to bail me out on my loans if my company closes down?
i am not against helping the farmer . if fact they deserve the most. But i feel govt should have given free fertilizers and seeds. this would have helped them for the current season. further you should form village coop and give them mechanical farm equipment at the subsidized rate. this will make them more productive and gain respect. today by wavier , we are teaching them to be dishonest. all those who have taken loan and paid will feel cheated. they will not pay in future. This is setting bad trend. most of them would have borrowed from the money lenders and they are not benefited.60000 cr is lot of money. efficient govt means not only harassing the middle class and collecting the tax but also managing the funds to reach the right people
I honestly do not think the budget really helped the salaried payer. Let us crunch the numbers as follows. assuming somebody makes the barest minimum to escape taxes at present that is 210,000 out of which 100,000 is saved as 80C which leaves 110,000 (exempt). In his own wisdom Mr PC knows that the pay commission is due out and minimumexpected raise is 20%which turns out to be 252,000 annual.Again doing the same math the person will have to pay tax on 2000 which is Rs 200 more than the present BUT somebody may argue that salaried people must pay. that is a question of semantics but overall with the pay commission report due in not a whole lot difference.Comments please!
RE:Whitewash
by Noushad on Mar 02, 2008 09:20 AM Permalink
According to the new slabs, you are going to pay less tax on total earnings. So, what is the whitewash now?
RE:Whitewash
by Fredy on Mar 02, 2008 11:19 AM Permalink
I agree with you, as everybody is expecting a hike in salary within few months. But the benefit you are getting is still there. Or you mean to say that your salary should not be increased or IT limit should not be increased. Please note that there are many private sector workers who is not coming under the pay commission !!! Majority of salaried are without any commission (In both meanings !!).
I cannot understand why people always reluctant to accept or praise a good work done by the govt. People are used to blame the govt. always, eventhough self are not doing any good for the country.
For women, the income tax limit goes up to Rs 1.80 lakh WHILE for men to Rs 1,50,000.This is sheer discrimination.This has been introduced by Chidambram in 2004
Chidambaram chose to keep it complex because power is in complexity, and ignorance of affected parties.Even in a Poll-Budget, he could not avoid the temptation to indulge in clever sleight of hand. I am surprised with the small margins he played with.This jugglery may see the Congress in the dumpyard when nelections are called. Whoever forms the next govt. must function with a 5 year policy in mind, not twiddle figures once each year.
Generaly, poor and uneducated farmers can not take loan from Banks or Govt, They takes loan from private finiancers, and the realy poor also not have property for loan gauranty, what have done by our realy poor fellows,
RE:What is about those kisans who have taken loan from private financers?
by Abdaal Akhtar on Mar 01, 2008 07:07 PM Permalink
In Islamic banking system there is no interest on loan,Interest component is main source of farmer suicide. For small and marginal farmer intrest should be banned both from banks and private financer. Then only the problem can be solved.
RE:What is about those kisans who have taken loan from private financers?
by Aarthi on Mar 02, 2008 05:06 PM Permalink
Will you interested to give money to anybody else without getting interest ?!
Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish by scorpio on Mar 01, 2008 05:22 PM | Hide replies
What message does this give to people n world....Loan defaulting is good practice ??
Farmers are already....given loans at low rates....why Wiev-offs ?
If you See reality....No Farmers get Loans....Such Farmer Loans are only given to Political people who Show farm lands to hide their Black money.......
This money will never reach poor farmer......All money will be eaten by corrupt Bank Employess, Govt Employess and Politicians.
Also more than 3 packages and lots of money (above Rs 2000 Crore) is been wasted on Minority for what?......Why are they been treated Specially.......Hipocracy of Congress.....such a Moraless/Howard Party.
Agreed Income tax of Salaried People is reduced but this was on the card n Expected....nothing to get too cheered about it. Overall its very poor budget....Shame to Congress.
Aam Admi should never Forgive Congress for this....throw them out from power......they will always remain hipocrats
RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by Loga on Mar 01, 2008 06:54 PM Permalink
How confidently you can say that money will never reach poor farmer. Are you one of corrupt Bank Employee. Give me your address i will pass it to IT and vigilance department.
RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by sobhanadri kadimicherla on Mar 02, 2008 07:25 AM Permalink
people like janardhan poojari -ex minsiter doles loans to congress men in loan melas and chidambaram writes of those loans - beneficiary - congressmen
RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by Anubhav Lal on Mar 01, 2008 06:15 PM Permalink
Throw congress and bring whom? The BJP? who spends taxpayers money to take terrorists to Kandhar !!!
RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by scorpio on Mar 01, 2008 06:25 PM Permalink
There is no comparison of Congress with BJP......BJP is far sperior.....I dont want to write hipocracy History of Congress here as they will never end.
born Hipocrats like you will never understand this.
RE:RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by dinesh on Mar 01, 2008 06:28 PM Permalink
if in the same plane ur relatives or ur sons and daughters would be there......so what wld u have suggested .......let the terrorist blow up the plane we will not compromise or not give anything.....
RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by Nand Kumar on Mar 01, 2008 06:23 PM Permalink
Dude, agriculture is the backbone of Indian Economy and farmers are the hardworkers and because of them you, me and crores of Indians are able to eat our daily meals. Any type of concession/waiver to them is a welcome move to uplift the farmers and boost the sector.
Yes, the middlemen, corrupt politicians will be a major hurdle, Govt should take effective measures to make sure that farmers are not exploited.
RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by dinesh on Mar 01, 2008 06:25 PM Permalink
in 60 years of history has any GOVT taken effective measures to make something sure for anything.........
RE:RE:Vote against Congress - Rs 60,000 Crore farm Loans Wieved off is foolish
by qwerty on Mar 01, 2008 08:23 PM Permalink
agriculture's share in indian economy is very bad compared to service sectors' 56%. since 55% of indian land is in agriculture and 70% of population is involved therein it has to be big like 25% share in indian economy. but is bad because it is like a batsman with 10000 runs in odi but having played 500 matches. actually govt. have no place to shift such large population other than agriculture- already unemployment in urban area is very large. agriculture can become important contributor if same type of productivity as in punjab is achieved at all the 55% cultivated-land. employment wise it is most important but that is only subsistence type-keeping urself alive just that-which was done 4000 years ago and that also in a better manner
The congress is 100% correct by giving a relief for farmers who has taken loans from Banks and they lost their crops and went all out for committing suicide.This thing we are hearing for long time from across the country.See a country like india where corruption is the top priority in all sectors, it is for the congress to make sure that the at least the loan weaving amount (60%) should benifit the poor farmers. Any how we know, 40% will be eaten by big fish whom cannot be caught.(politicians, bankers & others)
RE:CONGRESS IS CORRECT 100%
by Rakesh Sharma on Mar 02, 2008 04:18 AM Permalink
When you say that congress is 100% correct in waving off all the loans....can you please answer from where all that 60000 crore Rupees are coming. How much money are you planning to give out from your pocket??
Chidambarum has given a election year budget with a clear intention of fooling the voters. If he really cared for the poor farmers, he would not have waited for 4 years and more than one lakh farmes commit suicide to announce farm loan waiver. Besides, the farmers who committed suicide and those who are really in distress are the ones who have borrowed from private money lenders and not from banks. So, the waiver of Rs.60,000Crores will not help those who are in trouble.
What a farce!. A political party can take the country for ride by giving such sops at the cost of tax payers, just to garner some votes. No, doubt, Chidambarum's Dhoti will fly high, but gullible tax payers, who relish the income tax relief should know that they have to cough-up for the farm loan waiver in some other way!...
RE:Whats so holy about Chidambarum ?
by dilip on Mar 01, 2008 06:47 PM Permalink
i like to know, any farmer's name who borrowed money from bank and could not returned it. due to this he has suicided.
RE:Whats so holy about Chidambarum ?
by on Mar 01, 2008 08:07 PM Permalink
I agree,if such a list can be made available I am sure citizens of india will come forward to help them repay thier loan,govt need escuses to pocket money for corrupt ministers thus they keep writing off hard earned tax payers money in different ways like free electricity,bank interest on corporates & now farmers nank loans.High time some system of accountablity is found in india.
