At a time when inflation has touched 8.75 per cent, will this news on farmers’ loan waiver come as a respite for the ruling UPA government. It seems so. According to the latest data, around 4,30,000 farmers, who have availed of loans from the Mumbai-based Central Bank of India, will benefit under the farmers’ loan waiver scheme.
Even though there was criticism of the loan waiver scheme, the figure shows that lakhs of farmers and their families will benefit from the UPA move.
Through the scheme around 4,30,000 farmers are expected to be benefitted and Rs 1,300 crores are to be waived, the bank’s executive director Albert Tauro said at a press briefing in Chennai.
If this is the case of one bank, there will be more farmers who will take the benefit from several cooperative societies and banks.
In Tamil Nadu alone, around 31,647 farmers covering a sum of Rs 71.52 crores will benefit under the waiver scheme, while 6,232 farmers covering a sum of Rs 19 crores will benefit under the Debit Relief scheme.
And, another factor tat may help the government win over the trust of farmers in an election year is that the scheme will be completed by the end of June.
That is fast for a country which is dogged by red-tapism and bureaucratic dilly-dallying.
Several banks have already nominated nodal officers fro the scheme.
On the stipulated 40 per cent of agricultural advance, the Central Bank of India has achieved 48 per cent.
If the scheme wins the trust of farmers, the UPA government will heavily depend on this to win votes in the coming elections.
In fact, it had lost the mileage gained from the scheme due to the rising prices and soaring inflation.
However, if the loan waiver really benefits lakhs of families in its real sense, the inflation setback for the government may be stopped to certain extend.
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