Monday, 28 November, 2022
HomePlugged InBharat meets India with loan waivers, and social sector spending

Bharat meets India with loan waivers, and social sector spending

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As you sow, so shall you reap — is how the proverb goes, and as far as loan waivers are concerned, TOI’s headline tells us what it has reaped: “Loan waiver pledge causes 24 per cent rise in MP farm NPAs”. The report explains, “Anticipating relief, farmers start skipping repayments, impacting bank finances. Banks, in turn, go slow on fresh loans until state governments reimburse the amount written off, which often happens over several years.”

In the latest data, “farm-related nonperforming assets in Madhya Pradesh doubled to 10.6 per cent of advances in a little over three years between 2014-15 and June 2018. In just a one-year period ending June, NPAs on farm loans in the state rose 24 per cent, according to the state-level bankers’ committee.”

The Indian Express reports on the government’s solution to NPAs in the public sector in its lead story, “To ease their cash crunch, Govt to put in Rs 83,000 crore in public sector banks”. This is to “increase its capital commitment to partly make up for the lender’s shortfall in fundraising from markets”.

The ‘Explained’ box says that this will eventually lead to growth in the economy, “This decision enables these banks to step up lending in the economy and absorb some of the collateral impact of stressed assets”.

HT puts the news on its front page flap, choosing to lead with RLSP leader Upendra Kushwaha’s decision to join the UPA in the upcoming elections. HT calls their recent alliance “a shot in the arm” for the Congress.

TOI editorial says this could spell bad news for the BJP, “It’s possible that BJP’s formidable electoral machinery can be defeated through smart alliance building and seat sharing adjustments…The 2015 Bihar assembly polls that resulted in a mahagathbandhan victory against BJP provide a ready-made template for the opposition camp. Thus, BJP simply can’t ignore these UP-Bihar rumblings,” it says.

Also, the Bulandshahr story has also made it to the front page. TOI quotes actor as Naseeruddin Shah saying, “In many areas, we are witnessing that the death of a cow has more significance than that of a police officer.”

The Express also comments on the matter. “The killing of a policeman is especially heinous because it violates a central contract on which the state is founded. In a constitutional democracy, a disarmed populace surrenders the capacity for violence to the state…the designated repository of the armed force is the police…their writ cannot be challenged… The killing of a cop violates this contract” and “threatens to open the door to anarchy”.

Parliament is in session, or at least it’s supposed to be. A headline in the Express reads, “Amid disruptions, Speaker calls meeting of rules panel”, referring to the constant forced adjournments and disruptions since the session began 8 days ago. A corresponding editorial calls it “part of a larger crisis of institutions, where personalities and events and power-play have taken primacy over processes and norms.”

Other news

‘No check on use of highly toxic pesticide’, reads a grim headline in The Hindu. Monocrotophos pesticide is “sold at subsidised rates to farmers at Raitha Samparka Kendras, is banned on vegetables”, and was the same one used to poison dozens of devotees in Karnataka’s Sulwadi temple.

Even grimmer is the death of a Dalit girl who was set on fire, “A 15-year-old girl from Agra, set on fire while returning home from school on Tuesday…The tenth grader suffered 70% burns, according to doctors and police,” reports HT.

Prime Time

India Today

India Today anchor Rajdeep Sardesai asked Rajasthan deputy CM Sachin Pilot in an interview — whether farm loan waiver is a solution to agrarian distress or not.

To this, Pilot replied, “I want to assure everyone that our government will not only maintain but enhance social sector spendings.”

When asked whether it is an election game plan, Pilot said, “We owe our farmers’ loan waivers, cannot see them commit suicides. We are trying to tell the farmers that we are there for you. The country cannot move forward if large sections of our society remain backward.”

When asked about the long-term measures which Congress will take, Pilot said, “Congress will try to eradicate the cartel of hoarders and black-marketeers, at least I will ensure that in Rajasthan.”

ET Now

ET Now anchor Supriya Shrinate discussed whether Finance Minister Arun Jaitley’s Rs 1.06 lakh crore PSB recap plan was a right decision.

The government on 20 December sought Parliament’s approval for an additional Rs 41,000 crore for PSB recapitalisation during the current fiscal.

Consulting editor Mythili Bhusnurmath said farm loan waiver will eat into banks’ recapitalisation while chief executive of Indian Banks’ Association V.G. Kanan mentioned that recapitalisation will help the banks lend.

Bhusnurmath said, “Farm loan waiver will eat up the recap amount announced for banks and their requirement will increase. Government should have announced PSB recap at starting of their tenure.”

Kanan commented, “Banks had cases of large corporate lendings going haywire in the past. But banks are now back in the business of lending. This fresh recapitalisation will help them lend now.”

Aaj Tak

Aaj Tak anchor Anjana Om Kashyap discussed what prompted actor Naseeruddin Shah say that he is anxious about his children.

In a short Youtube video put out by Karwan-e-Mohabbat, Naseeruddin Shah has said he fears for his children because they will not have an answer if a mob surrounds them and asks them if they are Hindu or Muslim.

BJP spokesperson Gaurav Bhatia said Muslims are safe in India while CPI-M leader Sunil Chopra said, “This is true, everyone should fear about the lives of their children now a days. BJP is destroying the nation.”

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