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LATEST NEWS UPDATES | How Mallya & Modi could teach debt-ridden Vidarbha farmers to stay cool -Jaideep Hardikar

How Mallya & Modi could teach debt-ridden Vidarbha farmers to stay cool -Jaideep Hardikar

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published Published on Mar 7, 2018   modified Modified on Mar 7, 2018
-The Indian Express

Two loan defaults lead to two different outcomes, year upon year, a nightmare version of déjà vu. The former exits the country; the latter exits the mortal world.

Liquor baron Vijay Mallya and diamond jeweler Nirav Modi could jointly run a crash course for the debt-ridden and beleaguered farmers of Vidarbha, nay the entire country: How to stay cool with unpaid debts.

Mallya could tell the peasantry, for instance, how to convince a public sector banker to keep giving you loans, even when you continue defaulting on staggering advances. While Modi could educate debt-ridden peasants how to exit quietly and within time, alive. The venture could be called M&M.

Peasants like Ravindra Pongale, from the distressed cotton belt of Vidarbha, should have learnt from the M&M tutorial how to deal with loan burdens and its consequent depressions. Alas, Pongale cut short his life when he found he could neither educate his children nor make profits from his arid and dryland four-acre cotton farm.

He became a statistic on December 7, 2017, when he drank a bottle of herbicide ‘Round-Up Ready’ at age 37 – one more farmer to end his life in the country. He left unpaid debts of Rs 1 lakh, which included a crop loan from a bank and hand loans taken from his friends and relatives.

Now M&M could hire Vikram Kothari, a top businessman, to educate beleaguered farmers, particularly those who grow wheat, on how to convince a bank to give you loans to import the commodity, for example Singapore, which doesn’t grow it at all — especially when your main business is producing pens.

The government could nominate M&M under its Skill Development Programme. They need not make their MoU public under a “secrecy clause”.

Nirav Modi plus Vikram Kothari together owe banks money more than the 2017-18 formal farm credit outlay for 11 districts in Vidarbha – where 3.5 million farmers live — of Rs 14,500 crore.

Please click here to read more.

The Indian Express, 6 March, 2018, http://indianexpress.com/article/opinion/nirav-modi-vijay-mallya-pnb-scam-vidarbha-farmers-debt-farm-loan-waiver-5087850/


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