'The Sixty Thousand Crore Loan Waiver'- CNN-IBN investigates
MUMBAI: Aimed at the ‘aam aadmi‘, Finance Minister presented a generous Rs. 60,000 crore agricultural loan waiver to farmers in the proposed Union Budget 2008-09.In a special series, ‘The Sixty Thousand Crore Loan Waiver‘, CNN-IBN evaluates the possible merits, if any, of this so-called panacea to the rising farmer suicides. Through-out the week CNN-IBN‘s flagship news bulletin, ‘India at 9‘, will bring stories from across the country that look at the state of farmers from some of the worst-affected areas, including how banks are grappling and how political parties are politicising the entire situation in their favour.
The farm loan waiver is expected to benefit three crore small and medium farmers, but in fact the figure is nothing like it. The waiver is in fact only applicable to loans taken from established and recognised banks for less than 2.5 hectares of land. However, a majority of the affected farmers either own more than 2.5-hectares of land and/or borrowed money from private moneylenders. This therefore means that they are exempted from the waiver and that in reality it is just a pre-poll political gimmick. CNN-IBN‘s ‘The Sixty Thousand Crore Loan Waiver‘, travels to places like Bundelkhand, Vidarbha, Telengana, Haryana and even the Finance Minster‘s constituency of Shivganga in Tamil Nadu to showcase ground realities that have been overlooked by the government‘s otherwise impressive grant. Could it be a political carrot it is dangling before farmers to gain momentum before the upcoming elections? CNN-IBN finds out. In addition, the series also lays focus on the growing migration of people from areas like the Azamgarh-Varanasi belt to the big cities in search of urban opportunities. For these former farmers, agriculture is no longer an option and jobs in metropolises seem more alluring.
‘The Sixty Thousand Crore Loan Waiver‘ is a series that looks into the reality of the Budget‘s most hyped provision and how everything is not what meets the eye!
"The series is aimed at unearthing the real impact of the Rs. 60,000 crore loan waiver on those its supposed to help. It sheds light on the plight and state of farmers across the country, for whom nothing really changes." Said, Rajdeep Sardesai, Editor-in-Chief, CNN-IBN & IBN7.