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"Not Loan Waivers": Raghuram Rajan On What Will Solve Farm Distress

Saturday, December 15, 2018, 9:19 AM

The election season, almost always, is flavoured with populist promises. To address rural distress, which is a top election issue this time, repetitive sops such as farm loan waivers and increased MSPs have been promised by both of the country's national parties. But former RBI governor and economist Raghuram Rajan says it is not a solution to the long-festering distress in the sector.
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Farm loan waivers can inhibit investment: Rajan

Friday, December 14, 2018, 5:56 PM

Amid reports that PM Narendra Modi-led government is likely to announce Rs.4L-crore of farm loan waiver ahead of general elections, former RBI Governor Raghuram Rajan on Friday warned the move can create "enormous problems" for government finances and chock investment. Besides, he said not all farmers benefit from the loan waivers and it goes mainly to the most connected ones rather than poor farmers.
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Top Indian Minister Slams Central Bank on Eve of Board Meeting

Friday, December 14, 2018, 3:48 PM

Railway Minister Piyush Goyal has said the tightening of the Prompt Corrective Action framework by RBI amounted to "changing rules of the game midway into the match". Eleven state-run banks are currently under the framework, which imposes lending and other restrictions. "We need to know whether all the people are able to get loans from the banks easily," he added.

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