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Bank loan to Centre's help, Yogi govt eyeing options to waive farmer loans

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 29 March 2017 2:29 AM GMT

Bank loan to Centres help, Yogi govt eyeing options to waive farmer loans
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Lucknow: Uttar Pradesh government is mulling various options for loan waiver for farmers and it has apparently become a top agenda for the ruling Yogi regime in the state.

Last week, Union Finance Minister Arun Jaitley ruled out farm loan waivers by the Centre but said states can utilise their own resources in this regard, putting pressure on the newly elected UP CM.

In a bid to meet the promises made in the Bharatiya Janata Party's sankalp patra (manifesto), UP government is looking for an option of raising loan to waive debts of small and marginal farmers. But it won't be easy to pay it back as UP govt is already reeling under the burden of Rs 25,000 crore due to the implementation of the Seventh Pay Commission recommendations.

About Rs 63000cr needed to waive loans of farmers:

- If the Finance Ministry officials are to be believed, near about Rs 63,000 crore is required for waiving off farmers loans.

- There are some 2.30 crore farmers in the state of whom 2.15 crore are small and marginal.

- CM Adityanath, on Tuesday, held a meeting with Finance Minister (State) Rajesh Agarwal and other officials.

What state government wants from the Centre?

- UP government wants financial assistance from the Centre through "Transfer to State" method.

- If the government sources are to be believed, state officials may soon hold a meeting with the Union Finance Minister Arun Jaitley in this regard.

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Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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