Truth behind UP govt waiving farmer loans of 19 paisa

Since last two days, Twitter is abuzz about the “insensitivity” of Uttar Pradesh Government for waiving farmers’ loans ranging between a few paisa to as low as Rs. 10 and Rs. 37.

However, truth seems far from what is reported and peddled.

As a Twitter user pointed out, it is a trick reporting. The Twitter user elaborates that the total outlay of loan waiver was Rs. 36,000 crore, which was to be exhausted. The calculations were carried out according to a formula and all payments were done digitally, to remove possibility of frauds. While larger amount of loans were waived off, in some cases, many farmers had paid off their loans in the current year, where only fraction of the amount payable was due.

- Advertisement - - Article resumes -

As per this report, if a farmer had Rs. 51,050.9 in their loan account, and the farmer paid off Rs. 51,050 in the current year, the balance 90 paisa would still show as outstanding loan amount. Since 90 paisa is not in circulation, the amount will keep reflecting as outstanding loan balance. In order to avoid the same, 90 paisa were waived off. Hence, the farmer would get loan waiver certificate of 90 paisa.

As per reports, 11.9 lakh small and marginal farmers were given loan waiver certificate of Rs. 7,317 crore. Of these, about 11.25 lakh farmers have received loan waiver of over Rs. 10,000.

The loan waiver is for those loans which were borrowed before 31st March, 2016. After long deliberation, the government has started the loan waiver from 17th August onward. According to Gaon Connection report, Kannauj resident Rajesh Shukhla, in 2016, he had borrowed Rs. 62,000. He got loan of Rs. 315 waived. He claims the farmers are being misguided by some people.

So it appears that an algorithm was used to waive every non-zero outstanding amount, and some minuscule amounts also qualified for that, which was cherry-picked by some media reports to make a sensational story.

Hence, it seems like it was just a mischievous and click-bait headline by the media to grab eyeballs.

Share and Support:
Support OpIndia by paying for content

Most read articles recently

Ghaziabad: Stray dog, mother of five puppies, raped and dragged to death by Nafees and Tauseef

Nafees, one of the accused, has reportedly confessed to the crime of raping the animal several times before dragging her through the streets

Here is what connects attack on Akshaya Patra, French NGO against Rafale and demonization of Amarnath Yatra

The web of foreign-funded NGOs that demonised the Amarnath Yatra, French NGO that complained against Rafale in France and the demand to remove Akshaya Patra from midday meals contract

Activist opposing Akshaya Patra’s mid-day meal contract thinks ‘Brahmins obstruct India’s development’

The Akshaya Patra has come under criticism recently for not including onion and garlic in its mid-day meals for school children.

All you need to know about Congress’ Chhattisgarh CM elect: Bhupesh Baghel, who was once jailed in sex CD case

Congress leader and Chhattisgarh CM elect Bhupesh Baghel is currently out on bail in sleaze video case

Rajasthan Police ends up declaring a true incident as ‘fake news’ on Twitter

In a video being widely shared, a person can be heard complaining about 'Aurangzeb Rule' in Rajasthan and the people sharing the video claim it is from Utambar, Rajasthan.

Zee News issues defamation notice of Rs 1000 crore to Congress leader Navjot Singh Singh

Sidhu had allegedly threatened the Zee News when he had said “nani yaad dila denge” after Zee News had shown a video ‘Pakistan Zindabad’ slogans were raised at an election rally

#GoBackSonia trends on Twitter ahead of Sonia Gandhi’s Tamil Nadu visit to inaugurate Karunanidhi’s statue

Twitter is abuzz with #GoBackSonia trend as Sonia Gandhi is going to Chennai to inaugurate the statute of DMK founder Karunanidhi.

Prashant Bhushan and left-liberal cabal was actively helping Vijay Mallya in UK court by attacking CBI special director Rakesh Asthana

Vijay Mallya's defence team was using Indian left-liberals' allegations agaist Rakesh Asthana in London court

Pakistan uses Congress leader and ‘liberal’s’ arguments to undermine PM Modi yet again

Aiyar, who is known to make controversial statements, spoke about the 'Rafale scam' and how it has dented Prime Minister Modi's clean image in India. He also claimed there was rampant corruption within the NDA government.

The Prince and his dilemma: A short story

The prince wanted to choose buddy boy Jo, for he was a fellow prince too.

Latest articles

Connect with us

125,755FansLike
98,173FollowersFollow
6,353SubscribersSubscribe

Don't miss these