Meghnad Desai questions farm loan waiver in India

Questioning the farm loan waivers, noted British economist Lord Meghnad Desai on Thursday said that the next government in India should focus on generating more employment and industries to pull out a section of farmers from agriculture instead of focusing on waiver of farm loans.

“There are too many farmers in India but two-thirds of them have land from which they cannot earn proper living,” said Desai. He also said that farmers who cannot earn their livelihood through agriculture should be encouraged to get into other professions. Desai was speaking to journalists on the sidelines of the convocation of the Indian Statistical Institute in Kolkata.

Describing farm loan waiver as a “ terrible idea” with regard to the economy, Desai said loan waivers are a tactic used by all political parties but none have the courage to collect taxes from wealthy farmers.

“The taxpayers should protest. If a poor industrial workers is not able to pay his taxes, the government will not write off his debt,” noted Desai.