Friday, February 29, 2008

Reality Check - Farmer and Debt Relief

Sulabhram is a model citizen - farmer by profession.
Moneyram is a shrewd citizen - farmer by profession.

Both took a loan of Rs 50,000/= from a government bank. Sulabhram worked hard to pay back the loan amount. Moneyram did not pay back a single paisa.

Mr Chidambaram (a perinially smiling celebrated finance minister) declared that there was no need to payback unpaid loan. Sulabhram has not just lost Rs 50,000/=, he feels like a fool for having paid back the loan. Moneyram has not just gained Rs 50,000/=, his belief that he must take even more loans and not repay anything has further been strengthened.

This is not some hypothetical story - but a reality. Not even talking of loan taken from private money lenders here!


At 10:45 PM, Blogger backpakker said...

Thats the irony of life ..who said - neither a borrower nor a lender be ..

At 9:18 AM, Blogger gunj said...

dat sure is very unfair!

At 11:45 AM, Anonymous Anonymous said...

Well I am half and half agree with you. If we see the basic problem then I guess we should have done this debt relief thing long time ago. Secondly what our finance minister could have done that give them more period to repay with out taking any penalty or more interest on capital amount. We are growing in all metros are getting better infrastructure but we should not forget that our ore 70% population still live in village. They all depend on farming but for example any flood or no rain thing comes up then? how they will repay loan?

All bank people will start sending Gunda party to colect loan or acquire farmer land. Human life is much more important than money.

At 9:07 PM, Blogger Apun Ka Desh said...

Mr Awaaz> The point is not whether debt-relief should exist. It punishes the honest farmer (the one who chose to return loan money)- in its current form - and encourages people to never return any money - and treat govt. money as 'free'.

And the poor in urban areas are as important as poor in villages. The whole thing about being romantic about farming - is hurting our country. There are ZERO countries in the world that have become developed economies on the basis of agriculture.

The celebrated smiley finance minister has just "insured" UPA election campaign with a fund of Rs 60,000 crores - whose source he is not able to explain !


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