Loan waiver clubbed with fertiliser subsidy proves the point
India badly needs a transparent and a corruption-free implementation of these schemes, especially in the rural areas. Moreover, here the need of the hour is that some of our foreign-educated Ministers need to pick up a lesson from the books of the European system where the credit mechanism works directly between the government & farmers and there is no menace of the middlemen.
The efficiency level is high, and the money is directly and immediately reimbursed once the credit is taken by the farmer. However, appropriate care has to be taken in this regard too as even protectionism has its perils...
In the end, though India is striving to incorporate such strategies and policy mechanisms (the last budget stands proof), powerful defaulters can send the wrong message, which can lead to anarchy and chaos amongst the vulnerable farmers. Frustratingly, Indian politicians need to show more ‘logical’ care than just distribute humanitarian alms.
India badly needs a transparent and a corruption-free implementation of these schemes, especially in the rural areas. Moreover, here the need of the hour is that some of our foreign-educated Ministers need to pick up a lesson from the books of the European system where the credit mechanism works directly between the government & farmers and there is no menace of the middlemen.
The efficiency level is high, and the money is directly and immediately reimbursed once the credit is taken by the farmer. However, appropriate care has to be taken in this regard too as even protectionism has its perils...
In the end, though India is striving to incorporate such strategies and policy mechanisms (the last budget stands proof), powerful defaulters can send the wrong message, which can lead to anarchy and chaos amongst the vulnerable farmers. Frustratingly, Indian politicians need to show more ‘logical’ care than just distribute humanitarian alms.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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