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New Madhya Pradesh CM waives off farmers' loan after taking charge

December 18, 2018

Within hours of taking oath as the new Chief Mister of Madhya Pradesh, Kamal Nath announced a massive loan waiver for farmers.

Waiving off farmers' loans was one of the main promises made by Congress party leaders while they were campaigning for the recently held Assembly elections in five states.

Kamal Nath announced that loans of farmers upto Rs two lakh would be waived off.

This step is expected to benefit around 33 lakh farmers, owing Rs. 70,000 crore in unpaid dues. The decision will cost at least Rs 50,000 crore and will be applicable to loans taken from nationalized and co-operative banks.

The Congress had aggressively talked about the welfare of farmers during the election campaigns and that seemed to have paid off in Madhya Pradesh.

BJP lost the state to Congress after 15 years of governance and farmer unrest is considered to be the main factor behind the party's loss.

The loan waiver is being seen as politically motivated and an action to please the vote bank by many. Recently, in an interview, former Reserve Bank of India governor Raghuram Rajan also warned that such waivers are damaging for the economy.

Kanti Gala‏ @galakanti tweeted, "Sad day for India's future just for votebank Politics? Congress is responsible for cancer of subsidies, corruption n reservation, real enemy of India's development."

Vishu‏ @Vishu_CS wrote, "Replying to @MinhazMerchant As only few months r left before 2019 polls. It's eyewash. It want b implemented. No state can pull on for yrs doing loan waiver. Cong is just fooling Ppl. Before Ppl realise, polls will b done."

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