Published On : Fri, Dec 21st, 2018

Loan waiver is becoming bribery to voters – VTA

In recent past, some State Governments have waived off farm loans which has drained exchequer by almost Rs. 2,00,000 Crore and such practise delivers wrong message for future agricultural loans & its repayment.

Taking this issue on priority, Vidarbha Taxpayers Association (VTA) called upon its Executive Body meeting which was presided by its president J. P. Sharma, who while addressing the members concerned deep anguish over the pattern in which Government is waiving loans which in turn damages futurist recovery ratio very badly. He said, furthermore those who have repaid the loan amount now feels cheated. Such loan waivers and amnesty schemes discourages genuine taxpayers.

Tejinder Singh Renu, secretary of VTA said, we understand climatic circumstances wherein farm loan waivers fine with back to back deficient rainfall or similar national calamity; however waiving farm loans as offer for votes is absolutely bribery to the agriculturists. Unfortunately, most such loans are utilised by farmers for unproductive assets such as bikes, white goods, marriages, house construction etc.

Waivers mean budgetary deficit causing more printing of currency notes. Today its loan waivers, tomorrow some political party will start offering loan waiver and additional payment of Rs.50,000 or more. Such amount is of the taxpayers and political parties utilising the same for their political advantage is extremely shameful.

Executive Body Members Saqib Parekh said, worldwide farmers are given subsidy to stabilize farmer spending and earnings ratio, thereby farmers there sustain the conditions with viability. Our farmers are becoming lethargic by such schemes which will ruin the country’s economy in longer run. While Rohit Kanoongo said Government’s spending on unproductive expenditure should also stop so that taxpayers’ money is spent sensibly.

VTA vehemently condemns such farm loan waivers by practically all political parties in the country, which may soon become situation like reservation which no government will be in a position to revoke as they have become populist offers to woo voters and this practice should stop immediately in the interest of the country.

Also present in the meeting were VTA Vice President Shravankumar Malu, Treasurer Pawan K. Chopra, Joint Secretaries Hemant Trivedi & Amarjeet Singh Chawla, Executive Body Members Pravin M. Agrawal, Saqib Parekh, Ashvin Agrawal, Rohit Kanoongo, CA Hemant Sarda, M. B. Malewar, Veeru Balani & Rajwantpal Singh Tuli.