Karnataka   

‘Union Budget aimed at helping industries’

Chitradurga: The Union Budget may appear to be populist but it is a systematic and planned budget aimed at helping the industrial sector, said secretary of the All India Regional Rural Bank Employees’ Association S. Venkatesh Reddy.

Speaking at a convention of the Pragati Gramin Bank Employees’ Association here on Sunday, he said that the massive waiver of agricultural loans would not only help farmers but also industries.

Mr. Reddy said, the waiver would in turn benefit the companies involved in manufacturing irrigation implements and fertilizers as the farmers would be dependent on them.

Referring to a survey, he said that nearly 40 per cent of the farmers in the country borrow money from private lenders, which was major cause of concern and the reason for farmers’ suicide.

“Who will waive the loans of the farmers who have taken credit from private moneylenders,” he said.

Mr. Reddy said there were various reasons for farmers’ suicide including non-availability of seeds, lack of irrigation facilities and expensive fertilizers. “But a few economists are projecting that the credit aspect was the main reason for farmers’ suicide,” he said.

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