Mumbai: RBI Governor Urjit Patel raised questions on farmers debt waiver. Urgit Patel, the Governor of Reserve Bank of India (RBI), has asked the central and state governments to adopt a basic solution rather than debt waiver to solve the problems of farmers. Patel said this in a seminar organized by the RBI to discuss the debt waiver of farmers.
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RBI Governor Urjit Patel raised questions on farmers debt waiver – India Virals, Indiavirals | www.indiavirals.com
According to Patel, issues like crop insurance, infrastructure, irrigation, technical based productivity should be addressed to solve the problems of farmers. Apart from this, Patel also advocated opening the agricultural economy for market forces and open trade.
The RBI governor said that even though debt waiver reduces the debt burden of farmers, experts have counted many of its negative aspects.
According to Patel, these negative aspects include the mistake of identifying the real needy, promoting willful defaulters and the crunching of the credit system.
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