The ascendency of India as an economic world power

In India, every year, many farmers commit suicide. No, they are not depressed or unhappy. They commit suicide only to escape from small bank loans that they cannot repay. Often, the amount of loan is just $1,000 or even less! They are very poor, there are friends are poor, their neighbors are poor and their relatives poor too. So, most of the time, they have no place to get any help to repay the loan.

The good thing is that in this year’s budget, Indian finance minister P. Chidambaram has come forward to give some respite to the farmers.

Hindustan Times wrote:

Chidambaram's budget proposals, waiving off Rs 60,000 crore of loans given to farmers, have brought smiles on their faces.

"Finally our finance minister has come out of the air conditioned room to do something for the real India," beamed Ram Saran, a national award winner farmer from Barabanki district of Uttar Pradesh.

According to Chidambaram, Rs 600 billion ($15 billion) of agricultural loans given by banks and financial institutions would be scrapped to help farmers in debt. This will benefit as many as 40 million farmers with small plots.

This is surely welcome respite for thousands of poor farmers in India. Now, Indian government organizations must ensure that the farmers get this benefit. Of course, many people think that Mr. Chidambaram has given this package to the farmers only to get votes in the next general election to be held next year. Well, I agree with them but at the same time, I like to thank Mr. Chidambaram for coming in support of the farmers. Committing suicide for $1,000 loan should not happen in this world.

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