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.
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.
"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.
Noted voiceover artiste Harish Bhimani also contributed Rs 5 lakh to help the artistes in need, Sanskar Bharati said.
As many as 12 local relief teams, two from the Indian Navy, two from the Indian Coast Guard, and three from the NDRF have been deployed to the inundated areas
Maharashtra floods: 129 dead in rain-related incidents in last 48 hours; heavy downpour hampers rescue operations
The toll included 38 deaths in a landslide in a village in the coastal Raigad district, while several people were swept away by floodwaters