Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | An outstanding alternative to farm loan waiver -Suman Layak    </title>
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The world is no stranger to farm debt crises like the one India is seeing today. Back in the 1980s, the Canadian parliament enacted a law to stop foreclosures on farm debt, after prices collapsed and interest rates..."/>
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                            <div align="justify">-The Economic Times<br /><br />The world is no stranger to farm debt crises like the one India is seeing today. Back in the 1980s, the Canadian parliament enacted a law to stop foreclosures on farm debt, after prices collapsed and interest rates jumped to as high as 24%.<br /><br />The law was in force for a dozen-odd years. It identified insolvent farmers, facilitated agreements between the borrowers and lenders, and helped some farmers move into other professions as a long-term solution.<br /><br />Neighbouring US was also affected by agrarian crisis during this period, and the 1980s were often compared to the Great Depression of the 1930s. Right through 2018, news of farm bankruptcies have trickled in from across the world. The trade war with China saw a rise in farmers filing for &lsquo;Chapter 12&rsquo; bankruptcies in the US this year. The US Farm Bill 2018, a safety-net legislation for farmers, is re-enacted every five years. It was introduced in the 1930s, and then regularly enacted since 1973. It has introduced a revamped margin protection programme, which protects dairy farms when selling prices fall below, or come too close to, cost of production &mdash; a situation similar to India, where farmers are facing huge losses in some crops.<br /><br />A heatwave in early 2018 had led to farm bankruptcies in northern Europe.<br /><br />The term &lsquo;hidden bankruptcy&rsquo; gained currency in the continent &mdash; describing farmers spending personal capital to keep farms going. In response, the European Commission (EC) relaxed environmental rules for farmers. In November this year, the Reserve Bank of New Zealand warned of dairy farm bankruptcies in its country.<br /><br />So, neither is the Indian agricultural loan crisis an isolated development, nor is government action to ease farm debt anything unique. Helping farmers to manage their unviable debt is definitely not a moral hazard, as has been advocated in some quarters. The question should be: is there a way to do it without raiding RBI&rsquo;s reserves or giving up on fiscal prudence?<br /><br />Farming is structured differently in India and employs way more people than in developed nations. Giving up farming is rarely an option for a farmer &mdash; unless he is economically forced to migrate. Solutions in India, too, will need to develop locally. The $867 billion US Farm Bill 2018 that got the nod from President Donald Trump on December 20 has cues for Indian governments, the margin protection programme being one them.<br /><br />Also, the biggest expenditure in the US Farm Bill, after the bulk of it goes for food stamps, is insurance at $89.8 billion. India will also see some action soon. Any Indian policy action, be it through legislation or by government fiat, will have to make a solution for the Rs4 lakh crore outstanding farm debt its centre piece. While the debt problem looks big, the immediate problem is actually a lot smaller &mdash; around Rs32,000 crore &mdash; the ballpark figure for the interest due in this year.<br /><br />Loan waivers affect only bank loans, leaving aside the non-banking finance companies (NBFCs) that also lend in rural areas for buying farming equipment. The NBFCs often restructure loans taken by farmers who are unable to repay. Banks also have similar tools in their kitty to deal with debt defaults. They have used these for ages to restructure corporate loans. <br /><br />Please <a href="https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms" title="https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms">click here</a> to read more. <br /></div>                                                           
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    <h1 class="cat-box-title">An outstanding alternative to farm loan waiver -Suman Layak</h1>
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                            <div align="justify">-The Economic Times<br /><br />The world is no stranger to farm debt crises like the one India is seeing today. Back in the 1980s, the Canadian parliament enacted a law to stop foreclosures on farm debt, after prices collapsed and interest rates jumped to as high as 24%.<br /><br />The law was in force for a dozen-odd years. It identified insolvent farmers, facilitated agreements between the borrowers and lenders, and helped some farmers move into other professions as a long-term solution.<br /><br />Neighbouring US was also affected by agrarian crisis during this period, and the 1980s were often compared to the Great Depression of the 1930s. Right through 2018, news of farm bankruptcies have trickled in from across the world. The trade war with China saw a rise in farmers filing for &lsquo;Chapter 12&rsquo; bankruptcies in the US this year. The US Farm Bill 2018, a safety-net legislation for farmers, is re-enacted every five years. It was introduced in the 1930s, and then regularly enacted since 1973. It has introduced a revamped margin protection programme, which protects dairy farms when selling prices fall below, or come too close to, cost of production &mdash; a situation similar to India, where farmers are facing huge losses in some crops.<br /><br />A heatwave in early 2018 had led to farm bankruptcies in northern Europe.<br /><br />The term &lsquo;hidden bankruptcy&rsquo; gained currency in the continent &mdash; describing farmers spending personal capital to keep farms going. In response, the European Commission (EC) relaxed environmental rules for farmers. In November this year, the Reserve Bank of New Zealand warned of dairy farm bankruptcies in its country.<br /><br />So, neither is the Indian agricultural loan crisis an isolated development, nor is government action to ease farm debt anything unique. Helping farmers to manage their unviable debt is definitely not a moral hazard, as has been advocated in some quarters. The question should be: is there a way to do it without raiding RBI&rsquo;s reserves or giving up on fiscal prudence?<br /><br />Farming is structured differently in India and employs way more people than in developed nations. Giving up farming is rarely an option for a farmer &mdash; unless he is economically forced to migrate. Solutions in India, too, will need to develop locally. The $867 billion US Farm Bill 2018 that got the nod from President Donald Trump on December 20 has cues for Indian governments, the margin protection programme being one them.<br /><br />Also, the biggest expenditure in the US Farm Bill, after the bulk of it goes for food stamps, is insurance at $89.8 billion. India will also see some action soon. Any Indian policy action, be it through legislation or by government fiat, will have to make a solution for the Rs4 lakh crore outstanding farm debt its centre piece. While the debt problem looks big, the immediate problem is actually a lot smaller &mdash; around Rs32,000 crore &mdash; the ballpark figure for the interest due in this year.<br /><br />Loan waivers affect only bank loans, leaving aside the non-banking finance companies (NBFCs) that also lend in rural areas for buying farming equipment. The NBFCs often restructure loans taken by farmers who are unable to repay. Banks also have similar tools in their kitty to deal with debt defaults. They have used these for ages to restructure corporate loans. <br /><br />Please <a href="https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms" title="https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms" class="re" target="_blank">The Economic Times, 28 December, 2018, https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms</a><div class="clear"></div>
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The world is no stranger to farm debt crises like the one India is seeing today. Back in the 1980s, the Canadian parliament enacted a law to stop foreclosures on farm debt, after prices collapsed and interest rates..."/>
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    <h1 class="cat-box-title">An outstanding alternative to farm loan waiver -Suman Layak</h1>
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                            <div align="justify">-The Economic Times<br /><br />The world is no stranger to farm debt crises like the one India is seeing today. Back in the 1980s, the Canadian parliament enacted a law to stop foreclosures on farm debt, after prices collapsed and interest rates jumped to as high as 24%.<br /><br />The law was in force for a dozen-odd years. It identified insolvent farmers, facilitated agreements between the borrowers and lenders, and helped some farmers move into other professions as a long-term solution.<br /><br />Neighbouring US was also affected by agrarian crisis during this period, and the 1980s were often compared to the Great Depression of the 1930s. Right through 2018, news of farm bankruptcies have trickled in from across the world. The trade war with China saw a rise in farmers filing for &lsquo;Chapter 12&rsquo; bankruptcies in the US this year. The US Farm Bill 2018, a safety-net legislation for farmers, is re-enacted every five years. It was introduced in the 1930s, and then regularly enacted since 1973. It has introduced a revamped margin protection programme, which protects dairy farms when selling prices fall below, or come too close to, cost of production &mdash; a situation similar to India, where farmers are facing huge losses in some crops.<br /><br />A heatwave in early 2018 had led to farm bankruptcies in northern Europe.<br /><br />The term &lsquo;hidden bankruptcy&rsquo; gained currency in the continent &mdash; describing farmers spending personal capital to keep farms going. In response, the European Commission (EC) relaxed environmental rules for farmers. In November this year, the Reserve Bank of New Zealand warned of dairy farm bankruptcies in its country.<br /><br />So, neither is the Indian agricultural loan crisis an isolated development, nor is government action to ease farm debt anything unique. Helping farmers to manage their unviable debt is definitely not a moral hazard, as has been advocated in some quarters. The question should be: is there a way to do it without raiding RBI&rsquo;s reserves or giving up on fiscal prudence?<br /><br />Farming is structured differently in India and employs way more people than in developed nations. Giving up farming is rarely an option for a farmer &mdash; unless he is economically forced to migrate. Solutions in India, too, will need to develop locally. The $867 billion US Farm Bill 2018 that got the nod from President Donald Trump on December 20 has cues for Indian governments, the margin protection programme being one them.<br /><br />Also, the biggest expenditure in the US Farm Bill, after the bulk of it goes for food stamps, is insurance at $89.8 billion. India will also see some action soon. Any Indian policy action, be it through legislation or by government fiat, will have to make a solution for the Rs4 lakh crore outstanding farm debt its centre piece. While the debt problem looks big, the immediate problem is actually a lot smaller &mdash; around Rs32,000 crore &mdash; the ballpark figure for the interest due in this year.<br /><br />Loan waivers affect only bank loans, leaving aside the non-banking finance companies (NBFCs) that also lend in rural areas for buying farming equipment. The NBFCs often restructure loans taken by farmers who are unable to repay. Banks also have similar tools in their kitty to deal with debt defaults. They have used these for ages to restructure corporate loans. <br /><br />Please <a href="https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms" title="https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms">click here</a> to read more. <br /></div>                                                           
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Home हिन्दी

An outstanding alternative to farm loan waiver -Suman Layak

Published on Dec 29, 2018   Modified on Dec 29, 2018

-The Economic Times The world is no stranger to farm debt crises like the one India is seeing today. Back in the 1980s, the Canadian parliament enacted a law to stop foreclosures on farm debt, after prices collapsed and interest rates jumped to as high as 24%. The law was in force for a dozen-odd years. It identified insolvent farmers, facilitated agreements between the borrowers and lenders, and helped some farmers move into other professions as a long-term solution. Neighbouring US was also affected by agrarian crisis during this period, and the 1980s were often compared to the Great Depression of the 1930s. Right through 2018, news of farm bankruptcies have trickled in from across the world. The trade war with China saw a rise in farmers filing for ‘Chapter 12’ bankruptcies in the US this year. The US Farm Bill 2018, a safety-net legislation for farmers, is re-enacted every five years. It was introduced in the 1930s, and then regularly enacted since 1973. It has introduced a revamped margin protection programme, which protects dairy farms when selling prices fall below, or come too close to, cost of production — a situation similar to India, where farmers are facing huge losses in some crops. A heatwave in early 2018 had led to farm bankruptcies in northern Europe. The term ‘hidden bankruptcy’ gained currency in the continent — describing farmers spending personal capital to keep farms going. In response, the European Commission (EC) relaxed environmental rules for farmers. In November this year, the Reserve Bank of New Zealand warned of dairy farm bankruptcies in its country. So, neither is the Indian agricultural loan crisis an isolated development, nor is government action to ease farm debt anything unique. Helping farmers to manage their unviable debt is definitely not a moral hazard, as has been advocated in some quarters. The question should be: is there a way to do it without raiding RBI’s reserves or giving up on fiscal prudence? Farming is structured differently in India and employs way more people than in developed nations. Giving up farming is rarely an option for a farmer — unless he is economically forced to migrate. Solutions in India, too, will need to develop locally. The $867 billion US Farm Bill 2018 that got the nod from President Donald Trump on December 20 has cues for Indian governments, the margin protection programme being one them. Also, the biggest expenditure in the US Farm Bill, after the bulk of it goes for food stamps, is insurance at $89.8 billion. India will also see some action soon. Any Indian policy action, be it through legislation or by government fiat, will have to make a solution for the Rs4 lakh crore outstanding farm debt its centre piece. While the debt problem looks big, the immediate problem is actually a lot smaller — around Rs32,000 crore — the ballpark figure for the interest due in this year. Loan waivers affect only bank loans, leaving aside the non-banking finance companies (NBFCs) that also lend in rural areas for buying farming equipment. The NBFCs often restructure loans taken by farmers who are unable to repay. Banks also have similar tools in their kitty to deal with debt defaults. They have used these for ages to restructure corporate loans. Please click here to read more.

The Economic Times, 28 December, 2018, https://economictimes.indiatimes.com/news/politics-and-nation/view-an-outstanding-alternative-to-farm-loan-waiver/articleshow/67278103.cms

Tagged with: Debt Burden Debt Relief Debt Repayment debt waiver scheme Loan Waiver

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