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..
