Sir — The swiftness with which the Yogi Adityanath Government in Uttar Pradesh has presented a blueprint for waiving off farmers’ debt will now put pressure on the Governments in States viz Karnataka, Tamil Nadu and Maharashtra to do something similar. In the passionate bid for power, politicians promise anything. But none in the political class says the unpretty things that need to be said about the politics of loan-waivers.
If borrowers suspect they can get away without repaying loans in future, they will borrow even more recklessly and ignore repayment. The lender-borrower relationship, essentially built on trust, will collapse. The cycle of taking loans and seeking a waiver will kick again, while the taxpayer will be asked to pay for the political largess. Money meant for education and healthcare will get diverted. Farmers need help but only in buying inputs and getting a higher price for their produce.