Maharashtra farmers' protest: Loan waiver will create fiscal pressure for four years, says Devendra Fadnavis

After announcing a mega farm loan waiver, CM Devendra Fadnavis said it will create some 'pressure' for the state's finances for the next three-four years.

PTI June 25, 2017 19:01:53 IST
Maharashtra farmers' protest: Loan waiver will create fiscal pressure for four years, says Devendra Fadnavis

Nagpur: A day after announcing a mega farm loan waiver scheme, Maharashtra Chief Minister Devendra Fadnavis on Sunday said it will create some "pressure" for the state's finances for the next three-four years.

Maharashtra farmers protest Loan waiver will create fiscal pressure for four years says Devendra Fadnavis

File image of Devendra Fadnavis. PTI

"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 in Nagpur.

"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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