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<ul><li>Around 40,000 farmers marched into Mumbai from <keyword id="42738" type="ORGANIZATION" weightage="20" keywordseo="Nashik">Nashik</keyword> covering over 180 kilometres. </li><li>Last year the <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> government announced a loan waiver to the tune of Rs 34,022 crores of which only around Rs 12,381 crore has been transferred into bank accounts. </li><li>The Economic Survey of Maharashtra has forecasted a negative agriculture growth of (-) 8.3% in 2017-18.</li></ul>Around 40,000 weary farmers marched into Mumbai from Nashik covering over 180 kilometres with the sole intention of getting the Maharashtra government to heed to a list of their demands that include: 1) 100% waiver of their loans as well as electricity bills. 2) Implementation of the <a href="http://indianexpress.com/article/what-is/swaminathan-commission-report-and-how-is-its-implementation-relevant-farmer-protest-madhya-pradesh-4694949/" data-type="tilCustomLink">Swaminathan Commission recommendations</a>. 3) Better rates for crops. 4) The announcement of minimum support price for agriculture produce. 5) Pension scheme for farmers. 6) Land rights for farmers. Led by the All India Kisan Sabha (AIKS) — the farmers’ collective of the Communist Party of India (Marxist) — these farmers have been adversely affected by the poor rainfall and erratic climate conditions. The Economic Survey of Maharashtra has forecasted a negative agriculture growth at (-) 8.3% in 2017-18 and the primary cause of poor yields can be attributed to droughts, inadequate pricing policies and poor water management. Maharashtra followed Uttar Pradesh (UP) and Punjab last year to announce a loan waiver to the tune of <a href="http://www.livemint.com/Politics/A61IDl1h10pb3cLrQUsl6M/Maharashtra-farm-loan-waiver-Rs12381-crore-reaches-account.html">Rs 34,022 crores of which only around Rs12,381 crore has been transferred into bank accounts</a>. Together, the large-scale farm debt waivers of all the three states amounted to around <a href="http://www.livemint.com/Politics/HcS9M9n9rus7h5JiLQC2ZM/How-will-farm-loan-waivers-impact-the-Indian-economy.html" data-type="tilCustomLink">Rs 77,000 crore or 0.5% of India’s 2016-17 GDP</a>. The decline in “agriculture and allied activities” has pulled down Maharashtra's economic growth to 7.3% in 2017-18 (down from 10% in 2016-17). But can India really afford these large-scale <keyword id="604781" type="PERSON" weightage="20" keywordseo="loan-waivers">loan waivers</keyword>? If the current states that have offered loan waivers — Uttar Pradesh (UP), Punjab and Maharashtra — were to be joined by other major states like Gujarat, Karnataka, Rajasthan and Madhya Pradesh to extend one-third of farm loans waivers in their respective states, then the combined amount of farm debt waivers before the 2019 elections would inflate to Rs 2 trillion. Which is not too much of a dent, but if all the Indian states started to follow suit — which they probably will — and offered waivers to cover half of all farm debt instead of just one-third then the total waiver amount will increase to a whopping Rs 6.3 trillion. For a country that is already facing a significant bad loan problem, not to mention a burgeoning fiscal deficit, this move might prove drastically unfeasible. What’s more, if they fail to correct the root of the problem, it will only herald another frenzy of waivers in the near future as agricultural productivity continues to decline.

Maharashtra farmers march to Mumbai to ask for loan waivers

<ul><li>The Indian states granting farm loan waivers amid an ongoing rural distress in the country may reportedly hike liquor taxes. </li><li>Liquor taxes are one of the top three revenue sources of the state governments in India who will be looking to make up for the shortfall in revenue. </li><li>Any rise in tax will eventually be passed onto consumers.</li></ul>India’s ongoing farmer distress has led many state governments to waive off farm loans. Now, it appears the move may lead to higher prices on alcohol as those states will likely increase taxes, according to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2019-01-02/farm-waiver-to-shake-n-stir-india-liquor-firms-edelweiss-says">report.</a> Loan waivers to farmers have recently dominated agendas for political parties as they gear up for the upcoming general elections this year. Agrarian distress may play a huge factor in deciding rural votes. Liquor taxes are among the top revenue sources of state governments who will be looking to make up for the shortfall in revenue. However, the move will mean that the burden of the extra tax levy will likely be passed onto consumers, said the report. Alcohol is already among the highest taxed in the country as it does not fall under the national Goods and Services Tax However, that could change as Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> indicated last month the government was considering imposing the highest taxes on luxury and sin goods including alcohol and tobacco. Recently, India’s main opposition party, the Indian National <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> <a href="https://www.businessinsider.in/politically-driven-financially-unsound-the-loan-waivers-offered-by-indias-political-parties-will-only-serve-to-worsen-the-countrys-bad-loan-crisis/articleshow/67190737.cms">announced</a> loan waivers in three Indian states immediately after coming to power in three states including Madhya Pradesh, Rajasthan, and Chattisgarh. The Maharashtra government has already announced a hike in the tax on home-made liquor by 20%, <a href="https://timesofindia.indiatimes.com/city/mumbai/sober-new-year-maharashtra-ups-tax-on-imfl-by-20/articleshow/67331136.cms">reported</a> the Times of India. See more: <a href="https://www.businessinsider.in/politically-driven-financially-unsound-the-loan-waivers-offered-by-indias-political-parties-will-only-serve-to-worsen-the-countrys-bad-loan-crisis/articleshow/67190737.cms">Politically driven, financially unsound: The loan waivers offered by India’s political parties will only serve to worsen the country’s bad loan crisis</a> <a href="https://www.businessinsider.in/indias-bad-loan-problem-continues-to-break-records/articleshow/64601136.cms">India's bad loan problem continues to break records</a>

Alcohol may become costlier in Indian states considering farm loan waivers: Report

<ul><li>Political parties are promising massive financial support for farmers ahead of elections</li><li>Congress president Rahul Gandhi has raised the stake by offering farm loan waiver across India</li><li>The economic distress in rural India has become a political issue </li></ul> India is headed for an election in the upcoming summer and political parties are placing their bids to bag the biggest and the most distressed section of the country's polity-- the farmers. Both the ruling government led by the Bharatiya Janata Party (BJP) and its biggest national rival, the Indian National Congress (INC), are raising the stakes at every turn to woo the country's rural votes. Congress president Rahul Gandhi pre-empted a move by the Narendra Modi government by promising a minimum income guarantee for the country's farmers, but without any details, just days before the annual budget. So, when the ruling government took the stage on February 1, to announce the budget, it offered a minimum income of ₹6,000 a year to the country's small and marginal farmers. Within a couple of days, Gandhi raised the bar one more time and offered a pan-India loan waiver for farmers. "I have said that if the Congress party forms a government in Delhi, we will do what we did in Rajasthan, Chhattisgarh and Madhya Pradesh in the entire country," Gandhi <a href="https://indianexpress.com/article/india/rahul-gandhi-signals-will-waive-farm-loans-across-country-5567456/" data-type="tilCustomLink" target="_blank">said</a> at a political rally on February 4. "You didn’t do anything in the four-and-a-half years, you didn’t waive the loans of farmers," he said accusing the government. Farmers matter India's rural distress has been worsening over the last few years. The farm sector supports about half of the country's population and makes less than a fifth of the gross domestic product (GDP). Despite good monsoons and good crop output, the farmers have been struggling to make ends meet. The prime minister promised in 2017 that the government would ensure the farmers' income doubles in the following five years, but the crisis has only worsened since then. A report of the Committee on Strategy for Doubling Farmers' Income by 2022 <a target="_blank" href="https://www.downtoearth.org.in/news/agriculture/you-may-pay-a-steep-price-but-does-the-farmer-make-any-money--62364">stated </a>that “The WPI (wholesale price index) of food articles was lower than that of agricultural inputs for most years, indicating that farmers received lower market prices for agricultural commodities than the prices paid for the purchase of inputs.” Meanwhile, rural wage growth has slowed down significantly while the debt has been piling up. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[
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 Over 12,000 farmers committed suicide in 2015 mostly due to bankruptcy and indebtedness, according to data from the National Crime Records Bureau (NCRB). <a href="https://www.news18.com/news/india/no-data-on-farmer-suicides-since-2016-agriculture-minister-informs-lok-sabha-1978933.html" data-type="tilCustomLink" target="_blank">No similar record</a> has been published since then. India's farmers are still at the mercy of local moneylenders as opening of new bank accounts has not led to more loans. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[
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 In 2017, some of the farmers from the southern state of Tamil Nadu protested in the national captial New Delhi by drinking urine and eating <a href="https://timesofindia.indiatimes.com/india/tamil-nadu-farmers-suspend-stir-till-may-25/articleshow/58328430.cms" data-type="tilCustomLink" target="_blank">faeces</a>. In <a href="https://timesofindia.indiatimes.com/india/why-maharashtras-farmer-are-protesting-and-why-mumbaikars-are-supporting-them-10-points/articleshow/63263394.cms" data-type="tilCustomLink" target="_blank">2018</a>, nearly 50,000 farmers marched for five days on foot, 180 kilometres from Nasik in Maharashtra to the state capital, Mumbai, demanding rights over the land they till. The opposition has been able to sway the unrest in some states by offering farm loan waivers. In Chhatisgarh, Madhya Pradesh and Rajasthan, the rural outrage was a big factor in the incumbent governments getting voted out in December 2018. The government is aware of the political risks of not assuaging the concerns of the farmers. So aside from assuring minimum income to the small farmers, the latest budget also proposed to allocate a record amount for the rural employment guarantee scheme. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[
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 Currently, the total central and state subsidies going for agriculture sector are <a href="https://www.hindustantimes.com/analysis/farm-loan-waivers-can-derail-india-s-growth-story/story-6anu1JCiDtN9RxIvtLuyTM.html" data-type="tilCustomLink" target="_blank">estimated</a> to be over ₹2.2 trillion, constituting close to 10% of agricultural GDP and 12% of average farm income, Niti Aayog member Ramesh Chand wrote in the Hindustan Times last month. However, at this point, the last bid has come from the opposition, once again in the form of a farm loan waiver. Will the Modi government seeking re-election raise one more time? SEE ALSO: <a href="https://www.businessinsider.in/what-is-minimum-income-guarantee-and-how-it-may-work/articleshow/67727733.cms" data-type="tilCustomLink" target="_blank">What is minimum income guarantee and how it may work</a>

There is a bidding war for farmer votes in India

The government is considering the launch of micro-credit programme which would provide easy loans to rural households, helping them out of poverty. Also read: <a href="http://www.businessinsider.in/Startup-India-Standup-India-goes-to-rural-poor/articleshow/51580701.cms">Unemployed rural-poor to get desi version of ‘Startup India, Standup India’, fulfil entrepreneurial dreams</a> As per the plan, the government would lend up to Rs 1 lakh per family in the coming three to five years, and the loans would be provided at subsidised interest rates of 4 to 7%, without any security deposit. "We have simplified the process for accessing loans... We are getting into the details of livelihood each house can undertake so that the money can be lent accordingly," rural development secretary Amarjeet Sinha told <a href="http://economictimes.indiatimes.com/news/economy/policy/government-planning-an-easy-credit-scheme-for-rural-households/articleshow/58250161.cms?from=mdr">ET</a>. Also read: <a href="http://www.businessinsider.in/government-to-use-scientific-methods-to-implement-social-welfare-schemes-and-fight-poverty/articleshow/56327314.cms">Government to use scientific methods to implement social welfare schemes and fight poverty</a> By 2019, an amount of Rs 60,000 crore per year would be linked to nearly 8.5 crore households that were identified poor in the <keyword id="1037822" type="UNKNOWN" weightage="100" keywordseo="Socio-Economic-and-Caste-Census">Socio Economic and Caste Census</keyword>. By doing this, the government wishes to lessen their reliance on local moneylenders and <keyword id="411605" type="UNKNOWN" weightage="100" keywordseo="Microfinance-companies">microfinance companies</keyword>, since these lenders charge high interest rates as compared to the rate of 11% charged by banks. A memorandum of understanding has been signed between the <keyword id="151047" type="ORGANIZATION" weightage="100" keywordseo="Rural-Development-Ministry">rural development ministry</keyword> and the <a href="http://www.businessinsider.in/politics/policy/Modi-govt-launches-its-biggest-land-reform-legalizes-landleasing/articleshow/51812636.cms">agriculture</a> and <a href="http://www.businessinsider.in/latest/govt-puts-focus-on-animalhusbandry-poultry-and-fisheries-todouble-farmers-income/articleshow/57109382.cms">animal husbandry</a> ministry, which would ease the loan process to such households for activities including tilling and setting up of poultry farms and goat sheds. Also read: <a href="http://www.businessinsider.in/100-youngsters-to-turn-barefoot-engineers-soon-to-better-farm-productivity/articleshow/47583052.cms">100 youngsters to turn ‘barefoot engineers’ soon to better farm productivity</a>

Government is planning easy loans for rural households

New Delhi, Feb 15 () Finance Minister Nirmala Sitharaman on Saturday said the government is monitoring farm credit given by banks in rural areas, adding that she expects to meet the increased target of Rs 15 lakh crore for the next fiscal. The government in Budget 2020-21 has raised the farm loan disbursal target by 11 per cent to Rs 15 lakh crore for the next fiscal and allocated Rs 1.6 lakh crore to implement various plans in agriculture and allied sectors as it chases the goal of doubling farmers income by 2022. The government has allocated Rs 75,000 crore for the PM-KISAN scheme for the next fiscal, which is same as the budget estimate for this fiscal but higher than revised estimate of Rs 54,370 crore. "Credit limit has been expanded. I am sure it is based on local ground level requirement...we expect the demand to grow and credit requirements to also meet up with it. I am actually closely monitoring banks and their extension of credit facility particularly to rural areas. So I think we'll be able to meet that," she told reporters after addressing the central board of RBI here. The farm credit target for the current fiscal has been set at Rs 13.5 lakh crore. Normally, farm loans attract an interest rate of 9 per cent. But the government is providing 2 per cent interest subsidy to ensure farmers get short-term farm loan of up to Rs 3 lakh at an effective rate of 7 per cent per annum. With regard to proposed mega consolidation of public sector banks, the finance minister said there was no discussion on the issue at the RBI board meeting on Saturday. "I don't see any reason to go back or any reason which is particularly causing any delay for any notification...you will hear on it as it when it comes," she said. Last year in August, the government announced merger of 10 public sector banks into four. United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) from April 1 this year. It was also decided to merge Syndicate Bank with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India. In April 2019, Bank of Baroda, in the first three-way merger exercise, amalgamated Vijaya Bank and Dena Bank with itself. SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with itself effective April 2017. DP ABM

Govt closely monitoring agriculture credit given by banks: FM

<ul class="summary-list"><li>Indian <keyword id="45092" type="COMPANY" weightage="60" keywordseo="farmers">farmers</keyword> are protesting three laws that they fear will threaten their livelihoods and cost lives.</li><li>The laws deregulate the buying and selling of agricultural goods, leading farmers to fear they will be exploited by corporations.</li><li><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> has some of the highest farmer <keyword id="6356238" type="UNKNOWN" weightage="60" keywordseo="suicide">suicide</keyword> rates in the world, and experts fear the crisis could worsen if the laws are not repealed.</li><li>India's government is in talks with farmers who continue to block road and rail routes across the country.</li></ul>Across India, farmers are demanding an end to new laws they say are not just threatening their livelihoods, but costing lives.Protests that erupted in the state of Punjab have spread throughout the country as farmers demand a complete rollback of the three laws that were passed in September. Collectively, the laws deregulate the buying and selling of agricultural goods, leaving farmers exposed to the uncertainties of an open market and potential exploitation by corporations.Meanwhile, record numbers of farmers in India are committing suicide, and experts fear the farming laws could drive even more people to the brink."The new laws that they have passed, we call them death warrants of farmers and laborers," farmer Kewal Singh of Punjab said.Agriculture sustains over 40% of the population in India. And as COVID-19 ravaged the country this year, it's farmers who have kept India's rural economy afloat. But the majority of farms are small, family-run operations, often at the mercy of loan sharks."This is the kind of farming community which is incredibly vulnerable to all kinds of uncertainties," said Vikram Patel, a professor at Harvard University's TH Chan School of Public Health. "Many of these farmers don't have any surety the banks demand in order to give them loans, so they borrow money from loan sharks, who are of course pretty ruthless. And if you pump your money back, well, they can be pretty dangerous to you or your family."India has some of the highest farmer suicide rates in the world, with more than 10,000 deaths each year, and numbers expected to have reached a record high in 2020. In Punjab, three to four farmer suicides are reported in the local <keyword id="6355005" type="UNKNOWN" weightage="100" keywordseo="news">news</keyword> every single day.<div type="image" title="BIT_MMDD_Episode_V1.00_05_45_29.Still010" height="1080" width="1920" msid="80159631" hostid="261"></div>Nasseemo Kaur's son, 48-year-old Karamjeet Singh was among the deaths by suicide. He left behind a wife, son, and daughter."He worked as a laborer, but he could hardly earn anything," Kaur said. "He sold his land and crops. After this deed was done he thought that his life had no meaning, and he drank some pesticide.""We were collapsing under the weight of debt. We often used to cry, he used to say, 'What will we do? How will I marry my children? How will we sustain ourselves?'"Without her son to provide an income, another grieving parent, Naseemo Singh, is struggling to scratch a living."Now we all will have to work. This house has women. I am the old mother-in-law. I have a daughter-in-law and a daughter. We all will have to find some work for our sustenance," she said.She's now joined other grieving parents on the protest front lines to fight against laws they believe will only lead to more tragedy."I will not stop protesting for what is right," she said. "Without protest nothing is possible. Any rights that we aspire to attain will only come through protest."The new laws don't just affect the landowners and the land workers, but also the middle men who used to buy the produce at fixed prices.<h2><a href="https://www.facebook.com/313820309356251/videos/1866407880175013">See the full story on Business Insider Weekly »</a></h2>

India has a farmer suicide epidemic - and farmers are protesting new laws they fear will make things worse

The <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> administration appears to be making India's farmers a key plank in the upcoming budget, just ahead of the country’s general elections. According to reports, it plans to give the country’s farmers cash handouts in the form of direct transfers as opposed to subsidies. It's a bold move that follows months of farmer protests and an agrarian crisis in the country. It is expected to benefit an estimated 146 million farmers, according to a report from <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI). The estimate follows media reports that the government has also decided against another series of loan waivers in its upcoming interim budget. Instead, the government may opt to provide income support and interest-free loans to the farmers. Why cash transfer? On surface, the cash transfer scheme makes fiscal sense as it would help plug leakages in the transmission of subsidies. But there are a number of questions, not least of which is how feasible the scheme will be. How much does the government currently spend on subsidies and support for farmers? The government currently subsidised <keyword id="495738" type="PERSON" weightage="20" keywordseo="crop-insurance">crop insurance</keyword>, interest on farm loans and fertilisers. As per a report published by the State Bank of India, the central government’s most recent budgetary allocation to subsidy and farmer support schemes totalled around ₹981 billion - which is roughly 2.9% of India’s GDP. With an estimated 146 million farmers who benefit from these subsidies, the cost per farmer comes to anywhere between ₹5,335 and ₹10,162 annually. The lower figure going to someone who avails of one scheme and the higher figure going to someone who benefits from all three - crop insurance, interest subsidies and fertiliser subsidy. 
 
 
 
 
 
 
	
 
 
	
 
	
 <div type="image" title="Table" msid="67657044" hostid="261" caption="&amp;lt;p&amp;gt;Estimated government subsidies to farmers&amp;lt;/p&amp;gt;"></div>























 That figure assumes that out of a total of 146 million farmers (as per Agriculture Census 2015-16), only 35% avail of crop insurance, 45% have bank accounts to avail of interest subsidies and 90% of all farmers receive fertiliser subsidies in some form or the other. Will all farmers get cash transfers? No. Landless farmers, who till someone else’s land, will be left out of the scheme. And that’s a high number in India. 56% of India’s rural households do not own any land, according to the last socio-economic caste census. Many states like Jharkhand, Bihar, Gujarat, Kerala &amp; Tamil Nadu are yet to fully digitise land records. This will make it tougher to ensure that cash transfers reach all intended beneficiaries. SBI’s report estimates that the government may be able to reach up to 100 million farmers. How much farmers get via direct cash transfer, if approved? If the cash transfers reach 100 million farmers, the budgetary allocation will have to be around ₹1- ₹1.2 trillion. That works out to an average individual payment ₹10,000- ₹12,000 per farmer. At this cost, there will be no additional financial burden on the government. What is the flip side? Even assuming that the cash transfers reach a 100 million farmers, as per the SBI estimate, it leaves out at least one third of the beneficiaries who were availing one kind of subsidy or the other. This is likely to backfire unless the government is able to fine tune the system and make it efficient and more inclusive sooner than later.

Explained: The cost of giving India's farmers cash instead of subsidies

<ul><li><keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> is kicking off pre-budget consultations with India's farm sector.</li><li>Officials from the Agriculture and Rural Development Ministry will meet the FM today with their demands.</li><li>The allocation for agriculture including subsidised loans jumped 90% in the vote on account presented ahead of the elections in February.</li><li>Rural India has been reeling in economic distress and the uncertainty around monsoon may add to its woes this year.</li></ul> The Budget allocation for agriculture has risen to 90% in the interim Budget from ₹678 billion in the 2018-19 Budget estimates to ₹1.3 trillion. But the Agriculture Ministry officials are demanding more in the upcoming budget on July 5, the first in Narendra Modi government's second term. The officials will meet Finance Minister Nirmala Sitharaman for pre-Budget discussions on Tuesday (May 11) and are likely to seek more funds for Interest Subsidy for Short Term Credit to Farmers and for Market Intervention Schemes from what has been allocated to in the interim Budget. Rural India has been reeling in economic distress and the uncertainty around monsoon may add to its woes this year. Over 80 million Indians are directly or indirectly reliant on agriculture for livelihood. Interest subvention is provided to farm financiers like NABARD, regional rural banks, cooperative banks, public sector banks and scheduled private sector banks for providing short term credit to farmers at subsidized rate of interest. The Agriculture Ministry will also have budgetary allocation for animal husbandry, dairying and fisheries. In the interim Budget, the government had proposed creation of a separate department for fisheries and a 2% interest subvention on loans to fish farmers to help boost seafood production and exports. Since this sector is a employment-intensive and export-based, the ministry will seek favourable policies towards the sector. The interim Budget has allocated ₹18,000 crore for the interest subsidy and Rs 3,000 crore for the Market Intervention Scheme and Price Support Scheme (MIS-PSS). Given the stress on doubling farmers' income by 2022 and improving the lot of the farmers even before that, these two schemes may be picthed by the farm ministry for more allocation in the Budget. The Income Support Scheme has been budgeted at ₹75,000 crore in 2019-20 where as ₹20,000 crore was budgeted last fiscal since the scheme was operational in 2018-19. The ministry are likely to pitch for the market linkage infrastructure, including warehousing and processing of farm produce. Rural Development Rural Development Ministry representatives, who will be meeting the FM along with officials from the Agriculture Ministry, has already seen its allocation up by 5% in the interim Budget. The ministry is the nodal department for the Mahatma Gandhi National Rural Employment Guarantee scheme (MGNREGA), Pradhan Mantri Gramin Awaas Yojana (PMAY-G), Pradhan Mantri Gram Sadak Yojana (PMGSY) and the National Rural Livelihoods Mission (NRLM), besides some other Centrally-sponsored schemes. With inputs from IANS SEE ALSO: <a href="https://www.businessinsider.in/there-is-a-lot-of-bad-news-that-modi-has-to-budget-for-this-year/articleshow/69635372.cms" data-type="tilCustomLink" target="_blank">There is a lot of bad news that Modi has to budget for this year</a>

India's farm sector allocation jumped 90% in the February budget-- but it needs more

New Delhi, Nov 15 () ICICI Bank on Friday said it will organise 2,000 major loan camps this fiscal for on-the-spot approvals and exclusive manufacturer-led offers at semi urban and rural locations as well as corporate premises.
The launch of 'Maha Loan Dhamaka' is an initiative to provide a bouquet of on-the-spot loan approvals and exclusive manufacturer-led offers, including Hyundai Motors India, in semi urban and rural locations, and at large corporate premises to individuals, including non-customers of the bank.
The bank will host around 2,000 such 'Maha Loan' camps across the country by end of March 2020, ICICI Bank said in a release.
The private sector lender said it will provide a comprehensive bouquet of offerings and special packages on two and four wheelers, trucks, farming equipment and tractors, personal loan, gold loan and Kisan Credit Card at the mela.
In large corporate premises, the Bank offers instant approvals for loans -- home, personal, two and four wheeler, and credit cards.
Anup Bagchi, Executive Director, ICICI Bank said, "In this endeavour, we are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers across the country in semi-urban and rural areas, as well as to salaried employees of corporates. We aim to undertake around 2,000 such camps by end of March 2020". KPM KPM BAL
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ICICI Bank to organise 2,000 loan camps across India

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jim Young/ReutersA farmer walks through his fields.</div></div></div><ul><li>Farmers are facing debt levels last seen during the 1980s farming crisis.</li><li>Low commodity prices and rising input costs are in part to blame.</li><li>The US-China trade war has put further strain on the industry.</li></ul>American farmers are facing the most debt in decades. Debt among farmers in the US has jumped to $409 billion, Agriculture Secretary Sonny Perdue said Wednesday. That's up from $385 billion a year earlier and is at levels last seen during the farming crisis in the 1980s.The agricultural sector has come under pressure in recent years amid sinking commodity prices and climbing production costs. <a href="https://www.reuters.com/article/us-usa-farms-perdue/u-s-farm-debt-up-to-1980s-levels-at-409-billion-agriculture-secretary-idUSKCN1QG24Y">Reuters</a> first reported on the farm debt levels. "As producers are not able to cover year to year expenses with operating loans, they are forced into transforming operating loans into term debt which erodes their creditworthiness," said Luis Ribera, an agricultural economist at Texas A&amp;M University. "On top of all that then we have the trade war which reduces the demand of US commodities given that tariffs make them more expensive and the depress the prices even more."US Department of Agriculture chief economist Robert Johansson predicted that farm exports would fall by $1.9 billion this year, <a href="https://www.reuters.com/article/us-usa-trade-agriculture/us-farm-exports-expected-to-fall-19-billion-in-2019-led-by-china-usda-idUSKCN1QA1TK">citing</a> the ongoing trade war between Washington and Beijing.China had largely paused purchases of many American agricultural goods in 2018 after officials levied tariffs on them to retaliate against the Trump administration. While the country has since vowed to resume those shipments, steep tariffs remain in place.As part of an aid program designed to counter financial losses related to the trade war, the USDA has administered nearly $8 billion worth of support payments to farmers. Perdue said land values have kept debt-to-asset levels historically low at 13.5%. But as farm earnings fall, that poses its own risks. "We haven't seen land values come down in relation to incomes," according to Chad Hart, a crop specialist at Iowa State University. "The concern is that we will continue to see conditions erode."Meanwhile, farm bankruptcies across the country are on the rise. <a href="https://www.wsj.com/articles/this-one-here-is-gonna-kick-my-buttfarm-belt-bankruptcies-are-soaring-11549468759">The Wall Street Journal</a> reported this month that Midwestern farms have been filing for bankruptcy protection at rates not seen in a decade. In November, the Federal Reserve Bank of Minneapolis <a href="https://www.minneapolisfed.org/publications/fedgazette/chapter-12-bankruptcies-on-the-rise-in-the-ninth-district">said</a> in an analysis of Chapter 12 bankruptcies that low commodity prices on farmers and ranchers has been compounded by tariffs.Now Read:<a href="https://www.businessinsider.com/lucy-baldwin-left-bank-of-america-in-london-2019-2">One of Wall Street's youngest female executives just left Bank of America in London</a><a href="https://www.businessinsider.com/india-pakistan-conflict-has-investors-nervous-stock-market-news-2019-2">Global markets are jittery as India-Pakistan tensions hit a near 50-year high</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsung-galaxy-fold-best-features-foldable-phone-2019-2">Samsung unveiled its Galaxy Fold - here are the best features of the $1,980 foldable phone</a></h3> <div> </div> </div>

America's farmers are swimming in $409 billion of debt

<ul><li>Uddhav Thackeray will take oath as the new Chief Minister of Maharashtra with support from Sharad Pawar's NCP and the Indian National Congress.</li><li>The three parties differ in their ideologies and therefore have decided to arrive at a 'common minimum programme'.</li><li>Given the state's rural distress, financial aid for farmers cannot be ruled out.</li></ul>A month long political drama has come to an end paving the way for Shiv Sena leader Uddhav Thackeray to take oath as the new Chief Minister of Maharashtra. This is a historic moment for the Thackeray family, which has been politically significant in the state for decades but never had a member on the hot seat. Thackeray has got to this point with support from Sharad Pawar's Nationalist Congress Party and the Indian National Congress. All three parties differ in their ideologies and therefore have decided to arrive at a 'common minimum programme' in a bid to keep the Bharatiya Janata Party out of power. Given the state's rural distress, financial aid for farmers cannot be ruled out. "There has been significant political discourse around farm stress in last few weeks. Farm loan waiver can potentially could be the first order of the business of the new government," a Macquarie research report said. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
 <div type="image" title="Nagpur: NCP President Sharad Pawar interacts with farmers during a visit to Khap..." msid="72272944" hostid="261" caption="&amp;lt;p&amp;gt;NCP President Sharad Pawar interacts with farmers during a visit to Khapa village to inspect damaged crops, in Nagpur district of Maharashtra.Photo) (&amp;lt;/p&amp;gt;"></div>





























 This has implication for the state's financial health. An estimated ₹50,000 crore farm loan waiver, spread over 2 years, will push the state's fiscal deficit beyond 3%. Fiscal deficit is the amount of money a government spends over and above its earnings and it's advised by law that any government (state or central) should keep the excess spending to less than 3% over its earnings. Maharashtra's budget deficit is already at a four-year high, which means the government has been spending a lot more than it earns. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 While the farm crisis in the state does warrant immediate attention, a farm loan will increase the deficit and reduce the money available for growth projects like building infrastructure. In the last three years, Mumbai has seen an explosion of infrastructure projects which are in various stages of completion. Roads have been dug up across the city causing traffic snarls but people have been hopeful that the temporary pain will make way for easier commute in the future. For instance, 274 kilometres (km) of metro-rail network is under construction. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
 <div type="image" title="Mumbai: A view of a construction site of a metro train parking shed at Aarey Col..." msid="72272112" hostid="261" caption="&amp;lt;p&amp;gt;A view of a construction site of a metro train parking shed at Aarey Colony, Mumbai. The Supreme Court on Monday restrained authorities from cutting any more trees in Mumbai&amp;#39;s Aarey colony for a Metro car shed before further hearing on Oct. 21.Photo)(&amp;lt;/p&amp;gt;"></div>























































 In the particular case of the metro rail shed construction in the Aarey colony (a rare green cover in the mega city), the incoming coalition will be tested on its will to reverse the decision. The previous government had bulldozed opposition from the citizens to the cutting of about 2,0000 trees for the construction of the shed, while all opposition parties paid nothing more than lip-service to the cause. 
	
	
	
	
	
	
	
	
	
	
	
	
	
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 Aside from the metro rail construction in the capital city, there are also other marquee projects like the upcoming airport in Navi Mumbai, the high-speed rail corridor between Mumbai and Nagpur as well as Mumbai and Ahmedabad (in the neighbouring state of Gujarat) that will be in focus. As rivals of BJP, the parties in the incoming coalition have time and again criticised these ambitious projects heralded by Prime Minister Narendra Modi. According to the top NCP leadership, the three parties have decided that the money which is to be given by the state government for the Bullet Train will be diverted to the farmer welfare scheme as it is part of the common minimum programme they have agreed on, the IANS reported on Tuesday. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
 <div type="image" title="Bullet train" msid="72272606" hostid="261" caption="&amp;lt;p&amp;gt;The upcoming airport in Navi Mumbai, the high-speed rail corridor between Mumbai and Nagpur as well as Mumbai and Ahmedabad (in the neighbouring state of Gujarat) will be in focus as rivals of BJP, the parties in the incoming coalition, have time and again criticised these ambitious projects heralded by Prime Minister Narendra Modi.&amp;lt;/p&amp;gt;"></div>







































 The good news is that the Navi Mumbai airport and the Trans-harbour sea link may not get stalled, according to Macquarie, but the pace of approvals may slowdown delaying the projects. The international financial services firm believes that the Shiv Sena-NCP-Congress combine will be more favourable to the builders in the state and that will be music to the ears for the state's real estate sector that has been in shambles for a while now. It is important that Maharashtra's economy keeps moving at a fast pace because it is the largest contributor to India's GDP (gross domestic product). And already, Maharashtra's contribution to India's GDP is at a multi-year low at 14%. That's a significant setback for the state that is home to the country's financial capital. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/politics/elections/article/maharashtra-state-assembly-elections-2019-debate-veer-savarkar-or-jobs/articleshow/71644079.cms" data-type="tilCustomLink" target="_blank">These are the issues the opposition could have capitalised on but didn’t</a>

Here's what to expect from the new government in Maharashtra

New Delhi, Mar 3 () Women account for over 81 per cent of the total beneficiaries under the 'Stand Up India' scheme with loans worth Rs 16,712 crore sanctioned for them in nearly 4 years time, the finance ministry said on Tuesday.In the past six years, the ministry has launched various schemes which have special provisions for empowerment of women. "These schemes have financially empowered women to lead a better life and chase their dreams of being an entrepreneur," the ministry said, ahead of the International Women's Day on March 8. The Stand Up India scheme was launched on April 5, 2016, to facilitate bank loans between Rs 10 lakh and Rs 1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks for setting up a greenfield enterprise."As on February 17, 2020, more than 81 per cent account holders under Stand Up India Scheme are women. 73,155 accounts have been opened for women. Rs 16,712.72 crore has been sanctioned for women account holders and Rs 9,106.13 crore has been disbursed for women account holders," the ministry said in a statement.Besides, under the Pradhan Mantri Mudra Yojana (PMMY), 70 per cent of the total loan borrowers are women. PMMY was launched on April 8, 2015 for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises. These Mudra loans are given by commercial Banks, RRBs, small finance banks, MFIs and NBFCs. "As on January 31, 2020, more than 22.53 crore loans have been sanctioned since launch of the scheme. Out of this, more than 15.75 crore loans extended to women, thereby 70 per cent of the total loan borrowers are women," the ministry added.Moreover, Pradhan Mantri Jan-Dhan Yojana (PMJDY) was launched on August 28, 2014. The scheme envisages universal access to banking facilities with at least one basic banking account for every adult. It has 38.13 crore beneficiaries."As on February 19, 2020, 20.33 crore beneficiaries out of 38.13 crore PMJDY beneficiaries are women which amounts to 53 per cent," it said. In the social sector scheme Atal Pension Yojana (APY), launched on May 9, 2015, more than 93 lakh subscribers (43 per cent) out of a total of around 2.15 crore subscribers are women. The scheme offers guaranteed minimum monthly pension of Rs 1,000 -Rs 5,000 at the age of 60 years. JD ANUANU

Rs 16,712 cr loan sanctioned to women under 'Stand Up India' scheme: FinMin

New Delhi, Feb 1 () The government on Saturday proposed 11 per cent increase in the farm credit target to 15 lakh crore for 2020-21 and announced special rail and flight services for the transportation of farm produce as its seeks to double farmers' income by 2022.
 The government also proposed promoting 'one product one district' for better marketing and export of horticulture crops. It also called on states for early implementation of three key central model laws on land leasing, agriculture produce and livestock marketing and contract farming.
 Presenting the Budget, Finance Minister Nirmala Sitharaman said, "Our government is committed to the goal of doubling farmers' incomes by 2022."
 She further said that prosperity of farmers can be ensured by making farming competitive. "For this, farm markets need to be liberalised. Distortions in farm and livestock markets need to be removed."
 Purchase of farm produce, logistics and agri-services need copious investments. Substantial support and hand-holding of farm-based activities such as livestock, apiary, and fisheries need to be provided for, she said.
 Barely two years left for achieving the target of doubling farmers income, the Finance Minister said farmers desire integrated solutions covering storage, financing, processing and marketing.
 To improve marketing, Sitharaman said the Indian Railways will set up a "Kisan Rail" - through public private partership (PPP) arrangements -- to build a seamless national cold supply chain for perishables, inclusive of milk, meat and fish.
 There would be refrigerated coaches in Express and Freight trains as well.
 'Krishi Udaan' will be launched by the Civil Aviation Ministry on international and national routes. This will immensely help improve value realisation especially in North-East and tribal districts, she added.
 To provide better access to bank credit, the government proposes raising the target for disbursing agriculture credit to Rs 15 lakh crore for the 2020-21 fiscal from the current target of Rs 13.5 lakh crore.
 Normally, farm loans attract an interest rate of 9 per cent. But the government is providing 2 per cent interest subsidy to ensure farmers get short-term farm loan of up to Rs 3 lakh at an effective rate of 7 per cent per annum.
 Since Non-Banking Finance Companies (NBFCs)and cooperatives are active in the agriculture credit space, Sitharaman said the NABARD re-finance scheme will be further expanded.
 The financing on Negotiable Warehousing Receipts (e-NWR) has crossed more than Rs 6,000 crore. This will be integrated with electronic National Agriculture Market (eNAM), she added.
 To further expand storage and warehousing facilities, the Finance Minister proposed creating warehousing, in line with Warehouse Development and Regulatory Authority (WDRA) norms.
 "Our government will provide viability gap funding for setting up such efficient warehouses at the block/taluk level. This can be achieved, where states can facilitate with land and are on a PPP mode," she said.
 State-run Food Corporation of India (FCI) and Central Warehousing Corporation (CWC) will undertake such warehouse building on their land too, she added.
 India has an estimated capacity of 162 million MT of agri-warehousing, cold storage, reefer van facilities etc. NABARD will undertake an exercise to map and geo-tag them.
 As a backward linkage, the finance minister proposed a 'Village Storage scheme' to be run by the Self Help Groups (SHGs). This will provide farmers a good holding capacity and reduce their logistics cost. Women, SHGs will regain their position as "Dhaanya Lakshmi".
 To libersalise agri-market, she urged the state governments to undertake implementation of three central model laws -- Model Agricultural Land Leasing Act, 2016, Model Agricultural Produce and Livestock Marketing (Promotion and Facilitation) Act, 2017; and Model Agricultural Produce and Livestock Contract Farming and Services (Promotion and Facilitation) Act, 2018.
 To harness potential in fishery sector, the government said it will involve youth in fishery extension through 3,477 'Sagar Mitras' and 500 Fish Farmer Producer Organisations.
 Growing of algae, sea-weed and cage culture will also be promoted as the government aims to raise fish production to 200 lakh tonne by 2022-23 and achieve fishery export of Rs 1 lakh crore by 2024-25.
 The government also proposed to put in place a framework for development, management and conservation of marine fishery resources.
 As water stress related issues are now a serious concern across the country, Sitharaman said, "Our government is proposing comprehensive measures for one hundred water stressed districts."
 To promote solar energy, the government proposed a scheme to enable farmers to set up solar power generation capacity on their fallow/barren lands and to sell it to the grid would be operationalized.
 It also said it would expand the PM-KUSUM scheme to provide 20 lakh farmers for setting up stand-alone solar pumps and also help another 15 lakh farmers solarise their grid-connected pump sets.
 In order to change the prevailing incentive regime which encourages excessive use of chemical fertilisers, the government said it would encourage balanced use of all kinds of fertilizers including the traditional organic and other innovative fertilizers. LUX LUX MR
MR

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