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India faces Rs 3 lakh cr farm loan waivers-16 times 2017 rural roads budget

loan waivers have led to a rise in non-performing assets of banks, especially public-sector banks

Tamil Nadu, Jantar Mantar, New Delhi, Madras High Court, waive, loans, farmers, cooperative banks
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Tamil Nadu farmers celebrate at Jantar Mantar in New Delhi on Tuesday as the Madras High Court has directed the State government to waive loans of all farmers in cooperative banks. Photo: PTI

Alison Saldanha & Prachi Salve | IndiaSpend
As demands for farm-loan waivers grow across Punjab, Haryana, Tamil Nadu, Gujarat, Madhya Pradesh, and Karnataka–after Uttar Pradesh and Maharashtra wrote off loans worth Rs 36,359 crore and Rs 30,000 crore respectively–India faces a cumulative loan waiver of Rs 3.1 lakh crore ($49.1 billion), or 2.6% of the country’s gross domestic product (GDP) in 2016-17.
A waiver of this scale could pay for the 2017 rural roads budget 16 times over or pay for 443,000 warehouses or increase India’s

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