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Q - Discuss what alternative solutions should state and union governments explore other than waiver of farm loans to address farm crisis.
Ans - According to world bank, loan waiver in Indian context is usualy selective, unsustainable and politically motivated. Loan waivers provide short term relief to farmers but are inimical to our economy in the long run.
Problems in loan waiver -
1. According to a paper published by RBI, loan waivers permanently push up inflation by 0.2%.
2. It severely erodes the credit culture.
3. As observed by CAG in Agricultural Debt Waiver and Debt Relief Scheme 2008, loan waivers lead to serious inclusion and exclusion erors.
Instead of providing loan waivers, focus should be on other long term sustainable measures like -
1. Access to formal credit - In India, 48% farmers do not avail loans at all. Out of remaining farmers nearly 35% rely on informal credit sources with very high interest rates. Therefore farmers should be brought under formal credit system.
2. Agricultural infrastructure - Nearly half of Indian agricultural land depends entirely on rain for eg parts of eastern India. Construction of canals, watershed management, dams etc will contribute to better agricultural productivity. Other post-harvest infrastructure also need upgradation like - cold storage, threshing machies, refrigerated vans etc.
3. Technological support - Soil health card, disease resistant & HYV seeds etc should be given to farmers. Farmers can be connected to regional biotechnology labs for obtaining data and information - similar initiative of govt of India is BIOTECH Kisan.
4. Diversifying non-farm income - Animal husbandry, dairy, poultry, bee keeping, agroforestry etc should be encouraged among farmers. Value addition to biomass can also be done. for eg - Paddy straw, a biomass product, can be used for cultivation of edible mushrooms.
5. Crop insurance - Awareness regarding crop insurance schemes and erolment of farmers eg - Pradhan Mantri Fasal Bima Yojna.
6. Implementation of recomendation of MS Swaminathan committee on MSP. As suggested by the committee MSP should be 1.5 times the cost price to farmers. Increasing MSP would cost less than loan waivers and will be a motivation to farmers.
Thus for realising the vision of doubling farmers income by 2022, strong political will, coordination between centre and state govt and cooperation of farmers is required.