Eating is an agricultural act - Wendell Berry

Monday, March 08, 2010

continuing budget largesse

sainath tears apart the budget 2010 as a faux-aam aadmi budget.
he did it last year as well and sees a dangerous trend on masking the real intentions.

This year alone, the budget gifts over Rs.500,000 crores in write-offs, direct and indirect, to the Big Boys. That's Rs.57 crores every single hour on average - almost a crore a minute. Beating last year's Rs.30 crores an hour by more than 70 per cent. (See Tables 5 and 12 of the "Statement of Revenue Foregone" section of the budget.)
more money being funnelled into their pockets in t he guise of agricultural credit:
More and more of "agricultural" credit will go not to farmers but corporations. Indeed, "even External Commercial Borrowings will henceforth be available for cold storage or cold room facility." The budget even says: "Changes in the definition of infrastructure under the ECB policy are being made" to foster this process. Some of those changes have already happened. Several of the loans disbursed as "agricultural credit" are in excess of Rs. 10 crore and even Rs. 25 crore. And even as loans of this size steadily grew in number between 2000 and 2006, agricultural loans of less than Rs. 25,000 fell by more than half in the same period. (See Revival of Agricultural Credit in the 2000s: An Explanation. R. Ramakumar and Pallavi Chavan, EPW December 29, 2007.)
post 1991, every finance minister has been sucking upto corporate india and now that India Inc is sinking its teeth into the agriculture sector, they continue to milk us dry.

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