Modi Government is seriously concerned about the problems faced by the farmers of the country in a number of ways. India is an agricultural country despite the fact that it is also moving fast along the road of technological development. Agriculture remains the mainstay of our economy. We have been recognizing that fact and also taking steps in course of time to improve the lot of our farmers. Yet despite so many measures taken by various Governments, much remains to be done. Why should our farmers be forced to commit suicide? This is a shame for us. Therefore, the attention of the Government has to be mounted to find out what the problems of the farmers are and how these can be solved.
In a recent meeting, the Union Cabinet has taken some important and significant financial decisions that would bring much hope and relief to the community of farmers in our country. They will continue to get short-term crop loans up to Rs 3 lakh at an interest rate of 7 per cent and prompt repayers at 4 per cent as the Government approved extending a scheme with Rs 20,339 crore funds to make available cheaper loans to the farming community. They will get loans for post-harvest storage of their produce at a subsidized interest rate of 7 per cent for six months. Credit is a critical input in achieving higher farm output and the institutional credit will help in delinking the farmers from non- institutional sources of credit where they are compelled to borrow at usurious rates of interest. The Government has also made provision for relief to farmers affected by natural calamities like draught, flood, hailstorm, locust etc. It will give 2 per cent interest subsidy for first year on the restructured amount. The interest subvention scheme, which has been running since 2006-07, will continue for the current fiscal and will be implemented by the National Bank for Agriculture and Rural Development (Nabard) and the Reserve Bank of India.
These are very progressive measures that will come to the rescue of farmers in times of need. These steps all go in favour of farmers to ameliorate their lot but that should not be the end of the game. More remains to be done to deliver the farmers of our country from the consequences of failure or a crop that forces them to run for loans from local usurers. The purpose should be to root out usury and provide alternative option for the farmers through reformed bank rules that help them and not destroy them.
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