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LATEST NEWS UPDATES | Impossible to double farmers' income in six years, says Abhijit Sen -Abhishek Waghmare

Impossible to double farmers' income in six years, says Abhijit Sen -Abhishek Waghmare

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published Published on Jan 21, 2019   modified Modified on Jan 21, 2019
-Business Standard

Ex Plan panel member also says demonetisation took a huge toll on cultivators and labourers; favours loan waivers, is skeptical about cash support scheme

New Delhi: 
Former member of the erstwhile Planning Commission, Abhijit Sen, has said that the ambitious aim of doubling farmers’ incomes is impossible target in the period the government has set for it. Addressing an Economics Summit organised by Sri Ram College of Commerce in Delhi, he however commended the government on changing the nature of the debate from farm production to farmers’ incomes.

“There are too many people employed in agriculture, that the sector cannot feed or provide income to these many,” he explained.

He said that while this ails the farm sector in India, the government’s decision to demonetise high-denomination currency notes from circulation in 2016 took a huge toll on farmers and labourers. “The slow transition from agriculture to informal non-farm activities was affected by demonetisation, and those who had made the transition had to fall back to agriculture, worsening their situation,” he said.

On the recent speculation on the government planning a major intervention in the farm sector, Sen said that he is skeptical about the working of a cash support scheme.

“What is being discussed is not a universal scheme, and it could be distortionary in its own way,” he said. Such a scheme would be very different from the underlying concept of universal basic income, and choosing a few over everyone else might distort the market in unexpected ways, he said.

However, he supported the idea of farm loan waivers, saying that they “restart the economy” by letting banks lend fresh finance to the agriculture sector.

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Business Standard, 20 January, 2019, https://www.business-standard.com/article/economy-policy/impossible-to-double-farmers-income-in-six-years-says-abhijit-sen-119012000440_1.html


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