Loan waiver in Maharashtra will have impact on fiscal health: Devendra Fadnavis

The Chief Minister was speaking at a program organised by Marathi Patrakar Parishad where senior RSS leader M G Vaidya and several journalists were felicitated. He added that since the decision has been taken in farmers' interest, there is no harm in government bearing the financial stress.

By: PTI | Nagpur | Updated: June 25, 2017 6:56 pm
farm loan waiver, maharashtra farmers, maharashtra farmers protest, farmers loan waiver, devendra fadnavis, maharashtra news, indian express Maharashtra Chief Minister Devendra Fadnavis addresses a press conference on loan waiver, in Mumbai on Saturday. PTI Photo

A day after announcing a mega farm loan waiver scheme, Maharashtra Chief Minister Devendra Fadnavis today said it will create some “pressure” for the state’s finances for the next three-four years. “Looking at the economic condition of Maharashtra, the Rs 34,000 crore loan waiver will have its impact on the fiscal health of the state,” he said, addressing a function here.

“It will create financial pressure on the economy for the next three to four years and it will not be an easy task (to handle this pressure),” Fadnavis said. He was speaking at a program organised by Marathi Patrakar Parishad where senior RSS leader M G Vaidya and several journalists were felicitated. Fadnavis added that since the decision has been taken in farmers’ interest, there is no harm in government bearing the financial stress.

“Loan waiver is not a complete solution to the farmers’ problems. No doubt it is one of the important steps towards addressing farmers’ woes. However, investment in farm sector is very important to increase the productivity,” he said. Investment in agriculture and infrastructure will ultimately help cut the fiscal deficit of the state as it will boost growth, he said.

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