1. Its only bank loans and not money lender loans
2. 2 hectare limit not in line with the land acreage held in Vidarbha
3. one-time settlement" of their bank loans. In this case, if they repay 75 per cent of the loan, they will be given a rebate of 25 per cent.
4. The cut-off date of March 31, 2007 works against even the small group of Vidarbha farmers who do benefit. Loans in the cotton regions are taken between April and June. In the cane growing regions, they are taken between January and March. This means the Vidarbha farmer has one less year of loans waived than the others.
http://www.indiatogether.org/2008/mar/psa-waiver.htm --- While gasping at the size of the "write-off" it's worth asking why the loan waiver comes up now. Why not in 2005, when the demand was already being made? Or in 2006 when the Prime Minister visited Vidarbha and was shaken by the widespread distress. Mr. Pawar has outsmarted his rivals. Had the step been taken then, the credit would have gone entirely to the Congress. No prizes for guessing who opposed it then (when it would have cost much less). For three years, while the misery and suicides mounted in Vidarbha, there was not even the admission that a loan waiver was possible. Indeed, it was shot down by those now taking out full page ads claiming credit for it. As they complain in Vidarbha, this is not about karza maafi. It is about seeking voter maafi (voters' forgiveness) in election year.
Also see Sainath's article on the bear stearns bailout.
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