The series of farm loan waivers in India shows clearly that farming as a profession is uneconomical in India. The agricultural scientist MS Swaminathan strongly said this statement. He also emphasized that abating farmer loans has never helped in solving the problem.
Swaminathan told that we all should focus on making farming more economical, more profitable and more productive rather than trying to resolve this short-term problem with loan waivers. Waiving of farm loans have been done by four Indian states. As per the election promise by the current Government in Uttar Pradesh, they have pardoned farm loans of Rs 36,000 crore in April, 2017. Then, the Governments of Maharashtra, Punjab and Karnataka also followed by waiving fully or partially. Urjit Patel, Reserve Bank of India Governor already warned previously that waivers constitute risks to inflation and credit discipline.
M.S. Swaminathan who led India’s Green Revolution in 1960s said that Government will have to retell its commitment to agriculture. He added that Government need more research, more extension, more training and remunerative marketing.
By: Bhavna Sharma