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LATEST NEWS UPDATES | No need to repay for India’s biggest farmers as debt traps poor -Adi Narayan

No need to repay for India’s biggest farmers as debt traps poor -Adi Narayan

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published Published on Dec 10, 2014   modified Modified on Dec 10, 2014
-Livemint

Every time a waiver is done, it diverts access to credit and shrinks credit availability, says RBI governor Raghuram Rajan

Mumbai: Vattikuti Prasad grows rice, bananas and sugar cane on his farm as big as 27 football fields in a part of southeastern India where most farmers own plots the size of just one. He has two homes, including a four-bedroom house he rents out in a nearby town.

This year Prasad took out at least Rs120,000 ($1,940) in cheap farm loans from State Bank of India (SBI) and said he planned to use them to open a third branch of his pesticide and seed business in the state of Andhra Pradesh. And for the second time since 2008, he won't be paying the money back: The government has offered to forgive Rs35,000 crore in agricultural loans, according to a report seen by Bloomberg News.

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Livemint, 9 December, 2014, http://www.livemint.com/Politics/Zxz0bi43gpdqjRlVb3FTeJ/No-need-to-repay-for-Indias-biggest-farmers-as-debt-traps-p.html


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