The central government is going to make a big announcement soon, which is likely to have an impact on the banking sector, the market, the agricultural economy, the rural economy and the economy as a whole. The Centre's NDA is working on a scheme under which loans of Rs 1 lakh crore to farmers across the country will be waived. Each farmer is likely to get a benefit of Rs 10,000. This is the biggest relief news for the country's farmers if the Rs 1 lakh crore debt waiver scheme is actually implemented. This will be the biggest master stroke of the Modi government during the lockdown.
A total of 58 million farmers registered under the crop insurance scheme. But this number has come down to 47 million in 2017-18. According to a recent NABARD study, 52.5 per cent of India's 10.07 crore farmers are in debt. In the year 2017, the total monthly income of a farming family was Rs. 8,931. The government will announce it in phases. In the first phase, it may announce a loan waiver of Rs 25,000 crore for farmers. This will be a great relief for the farmers. If this scheme is implemented for the farmers, the mood of recession will change a lot. Farmers are currently mired in debt.
According to RBI rules, banks are required to provide 18 per cent of total loans as agricultural loans. Of these, 8 per cent are for small and marginal farmers only. Some banks meet their target by giving these loans to big agri business companies at cheap rates. Agricultural credit was Rs 54,352 crore in 2001-02. In the year 2018-19, the credit given to these farmers has reached Rs 11 lakh crore. At present, this figure has reached Rs 13.50 lakh crore. Farmers cultivate every year with agricultural credit. In agriculture, most of the money is allocated to agricultural credit. Farmers take money from banks at 7% and deposit it after farming. In Gujarat, farmers have been getting agricultural credit at 0% interest for the last 2 years as the government has given a waiver of even 3%. Amidst the fact that farmers in the country are becoming indebted, the reality is that every year a farmer carries a government debt of Rs 2 lakh on his head. Which only the government gives.
Agriculture is the backbone of India's economy. As 140 million people are engaged in agriculture, the development of the country is not possible without the development of this sector. The government is increasing the number of loans given to farmers every year. Whether the income of farmers increases or not, the government has drastically increased the number of loans given to farmers. The government had allocated Rs 13.50 lakh crore in the budget for the year 2019-20. Today, the government has allocated Rs 15 lakh crore for agricultural credit. Only 7 crore farmers in the country have Kisan Credit Card. That is why a provision of Rs. 2 lakh has been made in the budget for each farmer to get a loan.
Corona virus has had a major impact on farmers. Prices in the wholesale markets have declined significantly due to declining demand for fruits and vegetables. With this, farmers could not sell kharif season ready crops like wheat, mustard etc. in the market. In such a situation, the economic burden on farmers is increasing. Onion is running at around Rs 200-500 per quintal in the wholesale market, which is not coming out the cost to the farmers. It is similar with tomatoes. Tomatoes are being sold at Rs 200-500 per quintal and in Delhi's retail markets at Rs 10-15 per kg.
Locust teams are in terror in many states of the country like Punjab, Haryana, Rajasthan, Madhya Pradesh, Delhi and Gujarat. These locusts have destroyed crops in these states. In such a situation, giving such a package to the farmers will give them a lot of relief. Recently, under the Atmanirbhar Bharat Abhiyan, Rs. A relief package of Rs 20 lakh crore was announced. A large part of this package was also for farmers, agriculture and allied businesses. The package includes Rs. An additional emergency working capital funding of Rs 30,000 crore was provided.
Locusts from Pakistan have added to the woes of many states in the country. Locust swarms have hit nine states in the country. These include Rajasthan, Punjab, Haryana, Madhya Pradesh, Gujarat, Maharashtra, Chhattisgarh, Tamil Nadu and West Bengal. However these states are trying at different levels to tackle the locust problem.
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Preparations are underway to eradicate this swarm of locusts before the monsoon. Because kharif crop will be ready at that time. And these locusts can do him a lot of damage. The central government's locust warning organization said the locusts would pose a major threat to farmers in the coming months. It needs to be finished before the monsoon. Because not doing so will cause great damage to the kharif crop. At present, locusts have damaged 47,308 hectares of crops at 303 places in Rajasthan, Madhya Pradesh, Gujarat and Maharashtra.
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