the fact that this is a political gimmick, given the impending elections, is quite obvious.. no second thought about it….. in my opinion, this move could further damage rather than help… there are a number of other unanswered questions too…
to whom would the burden passed on ?
what about those who are indebted to other sources than banks ?
is indebtedness the only problem of indian agriculture?

but indeed a marvelous move to shut the mouths of all other parties opposition and support, under the guise of helping boost the agricultural sector

hmm.. i was holdin a high opinion on chidambaram.. but am not into this economics stuff.. thought provokin..

One of the major issue that peopel don’t understand that the two pillars of democracy which are constitutional democracy,the judiaciary enjoys very reputable sight in the institution,the popular democracy,i.e.,the electoral policy is palgued by myopic viewpoint of leaders who havbe always that a environment can only be a cause for their survival,which had always led to short term and illusionary policies to come in effect.

@ diva
Ur not gonna sleep till Chidambaram waives the waiver scheme off?? ;)

@benji

even Chidambaram canot explain or prove his move’s worth.
anyways, I can understand your appreciation for a politician whom you favour, and it is your right, but without reasonable base, faith is ****.

As a non-expert I guess I tend to look at it very superficially. Your thoughts about farmers who have always paid are quite valid and makes sense to me. Anyway - time will prove the sensibility of Mr. Chidambarams move.

no matters it was gimick or not, but it was wrong.

and you dont need to be a politician or economist.

It is your money (if you actually work and earn) which is misused and squandered by the idiots like P chidambaram.

I’m not much of a politicist (iszzere a word like that) or an economist. But to me Chidambaram is one of the more sensible politicians out there and I dont think this was an election gimmick.

Nice debate guys :)
Everyone has to agree with the ‘unpretentious diva’ cause.. Farmers comitting suicide had been a set back to the govt. Loan waiver scheme is just foolish.. What if ppl from other proffesions follow the suicide path and call themselves matrons cause their followers ll get money.. I’v a lot of respect for our finance minister but i’m sure its not his sole decision. The ruling party has a big role in this scheme.. The bottom line is our politics “sucks”

@arun

and do you know from where the money comes?

it comes from the citizens hardwork.

to provide money for farmers means taking money from your father (and you if you are working)by means of income tax or sales tax, it means inflation.

Do you exempt money back from your friends after lending them money?
How much money you have wasted like that till now?

and for those who have paid th loans,u cant return their loans as such so its far better to give them some spl status that qualifies that small percentage to have some additional facilities like subsidized loan rates than what others are provided with..so tht they dont feel unfair..i think that can be done..considering tht the people who paid the loans are registered and are not tht much of a problem to find out..rather than empathising with those who have paid..
reward them,recognise them, so that everyone gets motivated , so that there is no cribbing about the fact that the people who got their loan waived dont get motivated to not to pay loans again..

hey nice observations..i have a similar post on my blog..plz chek tht out at http://arcaneblog.blogspot.com/2008/03/60000-cr-budget-waiver-for-good-or-for.html

What about those farmers who have paid up their loans honestly?
While everyone has a great sympathy for the impoverished poor drought torn farmers, isn’t it that our finance minister is making those farmers who paid their loans on-time to look like big idiots? Isn’t the finance minister just encouraging the financial indiscipline of greatest order? Wouldn’t the same impoverished farmers, who will now be taking fresh new loans, expect the same relief when they default on their new loans?
Moreover, what is the guarantee that the really needy farmer will get its loan waived off and the clergy of Indian bureaucracy and the clerics won’t eat up all the loan waivers by promoting their chosen beneficiaries?

The better and real way to help out farmers is to provide agriculture a private business sector status and let the farmers and the farmers organisations to decide the price for farmer’s hard work and its product.

Subsidies are actualy like a two-ay swords which will keep cutting heads on both sides.

The sucking socialistic statism of Indian politics and economy is burdening the poor more than anything else can, the only solution for such gimmicks is striving for free-market economy with no hold of politics on economy.

Laissez-faire principle alone can provide a relief for the hard workers.

India needs to forget the bufoonery of keynese and adapt the wisdom of Ludwig Von Mises and Rothbard.

Elections coming , so we can expect all such gimmicks….
Pity…

Cheers..!!
Arjun

Economics has always been used as a tool of control and thats what we see all round today…

The waiver of the loans was a really just a gimmick and most people probably can see through it. Lets see what the future holds