Future of INDIA needs Good Governance and Right to Information,

Want To Earn 1.5% Interest/ Day Come To India

Posted by egovindia on August 4, 2006

Want To Earn 1.5% Interest/ Day Come To India



For over 70 years from the day Manmohan Singh is supposed learn things going on around him and 54 years since he graduated in Economics, neither any one has told him, nor he learnt anything nor he anything for he has to repeatedly seek reports on “Exploitation” by moneylenders, he headed Planning Commission, represented World Bank, was Finance Minister, Governor of Reserve Bank and Prime Minister for two years.


He also doesn’t seems to understand that such kind of operations Nationwide need support of millions of Goonda and Criminal elements to execute “Extortion” of interest.


But he has clear understanding on how to let Mukesh Ambani acquire prime land at 1/1000th price from farmers as “Silent Partner” in the loot.


[It could happen, as many obstacles seem to be melting in Ambani’s path. Last year Parliament passed a law creating Special Economic Zones, which grant developers authority to plan new projects with more freedom than even China allows in its own bustling SEZs, on which Ambani’s new cities are modeled. Reliance has all but secured 150 square kilometers of largely farm land east of Mumbai, at prices Jain estimates at 1/1000th those in downtown Mumbai. The government holds some equity in the projects, but as a largely “silent” partner, and has already approved Reliance’s detailed plans for both new cities, says Ambani. “If you would have asked me five years ago if a project like this was possible I would have said no.”]


It is no longer secret operation, these days Loot Is Open and government is not answerable to any one.


In another three years elections will be announced and he shall again make a false promise to double or triple farm credits.


People will eject him some another Crook will take over.


Ravinder Singh


Low-cost credit to farmers only a myth

[FRIDAY, JULY 28, 2006 01:11:51 PM]


PRIME minister Manmohan Singh’s directive to banks for low-cost credit to farmers from Vidarbha notwithstanding, the Maharashtra government’s survey suggests that as many as 75% of the farming community still is away from any type of banking facility.

Faced with seemingly unstoppable suicides by farmers in six districts of Vidarbha, the state government had undertaken first ever door-to-door survey to study the ‘distress levels’ Vidarbha region has witnessed 1,900 suicides since 2001.

The survey conducted end of May covered 8,351 villages spread in six districts of the region touching 17.64 lakh families living on agriculture. The results are far from being comfortable. It shows that out of 17.64 lakh families, the crop has failed around for 12.20 lakh. Of these 8.89 lakh families have unpaid dues ranging from as meagre as Rs 1,000 to around Rs 50,000. Of the total number of families studied, 4.34 lakh families have been categorised as ‘most tensed’ due to variety of reasons. The most stunning feature of the survey has been the revelation that only 25% of the farming community has access to some kind of legitimate money lending system.

This means 75% of the farmers are neither on the banks’ radar and nor has any financial institution approached them. This has left them at the mercy of the private lenders.

The rates being charged by these private money lenders are ridiculously high. The survey suggests that it can go anywhere between 30- 45%- a whopping 1-1.5% a day making loan repayment an impossible task.

“Though the state government has clamped down heavily on private money lending, we can’t force them to shut down since it adds to overall distress levels,” an official associated with the exercise told ET. The government has so far booked over 100 such private money lenders for charging exorbitant rates. The farming community is caught between the devil and the deep sea.

“On the one hand they face insensitive banking system and on the other; private money lenders exploit them mercilessly,” an official said. But atleast they provide much needed cash unlike the banks that turn them away, he added. Recalling the prime minister Manmohan Singh and the finance minister P Chidambaram’s directives to banks to lend low-cost loans to farmers, an official said those instructions largely remain on paper.


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