Farmers & Loan Waiver
Long long ago, the Congress government in power nationalized all the companies offering life insurance scheme and formed KIC of India. Great.
Many years later, this LIC of India formed a wholly owned subsidiary, LIC Housing Finance Limited, which was listed on the stock exchanges.
However, like other PSU units, this company LIC Housing Finance Limited, NEVER played the lead role, in helping the lower income families to have one’s own home.
It was the Pradhan Mantri Aawas Yojana, which did it.
Today, can the LIC of India be used to resolve a major cause of concern to the government and also to the nation, and made to play the lead roll with appropriate accountability (not seen in PSUs)?
Government MUST instruct LIC of India, to form another wholly owned subsidiary, LIC Crop Safety Limited, which shall insure only the crops at a very nominal rate.
In such a case, every loan given by any of the PSU banks to any of the farmers, gets automatically insured by LIC Crop Safety Limited, and neither there shall be any suicides due to inability of the farmers
To repay the loans, nor the tax payers money is misused towards loan-waiver amount, making the already weak PSU banks bleed more.
There should be a limit fixed for such insurance, limiting the size of the land held by an individual, and is cultivated by him. Large size farming MUST be kept out of either loan waivers or getting insured under such schemes.
I wonder, why no one thought about such a scheme, and if someone did think, why that has not been considered for implementation?
Jai Hind more
Many years later, this LIC of India formed a wholly owned subsidiary, LIC Housing Finance Limited, which was listed on the stock exchanges.
However, like other PSU units, this company LIC Housing Finance Limited, NEVER played the lead role, in helping the lower income families to have one’s own home.
It was the Pradhan Mantri Aawas Yojana, which did it.
Today, can the LIC of India be used to resolve a major cause of concern to the government and also to the nation, and made to play the lead roll with appropriate accountability (not seen in PSUs)?
Government MUST instruct LIC of India, to form another wholly owned subsidiary, LIC Crop Safety Limited, which shall insure only the crops at a very nominal rate.
In such a case, every loan given by any of the PSU banks to any of the farmers, gets automatically insured by LIC Crop Safety Limited, and neither there shall be any suicides due to inability of the farmers
To repay the loans, nor the tax payers money is misused towards loan-waiver amount, making the already weak PSU banks bleed more.
There should be a limit fixed for such insurance, limiting the size of the land held by an individual, and is cultivated by him. Large size farming MUST be kept out of either loan waivers or getting insured under such schemes.
I wonder, why no one thought about such a scheme, and if someone did think, why that has not been considered for implementation?
Jai Hind more
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That is why, there must be an organisation (like the one suggested by me), which gives insurance cover for every loan taken by a small farmer, and the definition of the small former can be decided by the government. Large size farmers are alledged that their income from farms, many times, is out of proportions with the size of the land. I wonder, why the Income Tax rules are quiet about it. In fact, the Income from farming should not be taxed only for small farmers, for which the Income Tax Laws and Rules need to specify. But as the facility is misused alledgedly by politicians themselves, such a correction in laws and rules, is less likely. more
Jun 05
Already many Loans , Grants , Subsidies , Concessions have been under miscarry and States still could not complete their Check and confirmation . Even Land Patta Pass Books do not agree with the real Title Holder as appear in the Registrar of Stamps and Registration AND , THE LAKHS OF PLOTTED AREA OF REAL ESTATE . more
Jun 05
The left-out / unclaimed Funds in LIC and , PF while took first place in converting into business , State Bank etc., took 2nd. Indian Governments did not think of their major role in Credit Control . Country lead to Individual based Economy System ignoring the Constitutional guarantee of SOCIALISTIC ECONOMIC SYSTEM . Lending on many number of Houses / Flats per individual - Lending on many Vehicles irrespective of payment capacity - Higher ratio of Lending on unproductive Loans - ARE TO BE RE ORIENTED at public and national interest . more
Jun 05
'Large size farming MUST be kept out of either loan waivers or getting insured under such schemes.' is a must more
Jun 05
