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Ease burden of loan repayment on drought-hit farmers: Assocham
As part of an immediate relief kit to the farmers and rural population suffering an oppressive drought, the Government should take the load of their bank loan repayments upon itself, besides reaching food grains to the affected areas at highly subsidized rates, the Associated Chambers of Commerce of India (Assocham) President Sunil Kanoria said on Tuesday.
Hyderabad: As part of an immediate relief kit to the farmers and rural population suffering an oppressive drought, the Government should take the load of their bank loan repayments upon itself, besides reaching food grains to the affected areas at highly subsidized rates, the Associated Chambers of Commerce of India (Assocham) President Sunil Kanoria said on Tuesday.
Expressing a grave concern over a widespread rural crisis, he said, “No meaningful gains can be accrued from over seven per cent GDP growth, if a large part of our population is pushed to live on the margins of distress and poverty. We in the Assocham believe in a holistic economic development which alone can help the trade, business and the industry. No one sector is isolated from the other. So, if one sector suffers, others must chip in.”
Kanoria was in Hyderabad for his meeting with Andhra Pradesh and Telangana Governor E S L Narasimhan along with Srikanth Badiga, Chairman of Telangana Development Council of Assocham, P Nandgopal, senior member and National Secretary General D S Rawat on issues concerning the microfinance sector.
Stating that the chamber is not making a demand outright on the banks to take the load of the loan waiver or a moratorium on agriculture loans since the banks themselves are going through an unprecedented challenging times in terms of the non-performing assets, Kanoria said the Government, however, should commit the maximum resources to the rural sector, as the fiscal burden on it had been considerably reduced, thanks to the ultra-low prices of crude oil for about 18 months now.
As estimated by the Assocham, the economy has taken a jolt of Rs 6.50 lakh crore because of drought in 265 districts in 11 states affecting 33 crore people, he added. “We are not suggesting populist measures like loan waiver as election freebie, but in case of natural distress like the drought, the affected people have to be helped.
So, in the given circumstances, there is absolutely no rationale that can point towards a bad economic in providing relief to the needy. In fact, helping the poor and feeding them in times of distress should make an excellent economic proposition. It is only then, that a broad based confidence can be brought back into the economy,” he said.
