New Delhi, Dec 20 (KNN) Raising strong objection against the manner in which farm loans are waived off, trade leaders from 26 states unanimously said that such a loan waiver is not less than a backstabbing of the crores of tax payers in the country.

In a meeting held yesterday at New Delhi by the Confederation of All India Traders (CAIT), trade leaders said “No government or political party has a right to waive such loans without any logical reason just for the greed of votes or their political motives.”

The governments instead of loan waiver should resolve farmer’s issues and provide them better opportunities of farming in the country, they added.

The trade leaders strongly said that such freebies will not be accepted anymore and the CAIT will launch a national debate on this issue.

It further said that if this trend of loan waiver stands continued then loans, taxes and penalties of 7 crore traders in the country should also be waived.

They further pointed that the various governments at different times have waived loans in a very discretionary manner which no less than a joke with the economy.

“The taxes are being paid for the progress and infrastructure development in the country and not to please certain sections of the society in lust of votes or political motives, it added.

In addition, traders strongly criticized government move and said “No Government has a right to misuse the taxes of crores of tax payers in arbitrary manner. If any Government or political party undertake such step they should do the same from the money of their political party and not from the public fund.”

Over this matter, CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that the trading community in the country is collecting taxes on behalf of the government without any remuneration.

Whereas on the other hand, the traders are forced to face complicated tax system, penalties, expenses on collecting taxes and unfortunately at the time of any natural calamity, they added.

The traders have to suffer huge losses but not even for a single time so far no loan waiver or assistance has been given to traders though Farmers are being made lame by giving them loan waivers, CAIT pointed.

CAIT said that farmers are lifeline of the country and their intense labour should be respected but instead of waiving the loans.

The government should take out farmers from the vicious circle of loans and provide them tax free seed, manure, good agricultural implements, crop insurance with medical and education insurance, better irrigation facilities, cold storages near their farming, better transport facilities and good price of their crops then no farmer in the Country will ever require any kind of waiver, CAIT suggested.

It is regretted that the government is more interested in waiving the loans for their own political benefits and never care to make farmers self-dependent and strengthen to carry their livelihood.

If loan waiver is the solution of the problems of the farmers then there was no need of continuous loan waiver each year.

CAIT Ssaid “One loan waiver is paving way for another waiver and increase the NPAs of the Banks. In year 2012 the NPA of the Bank was about Rs.20 thousand crores of Rupees which increased to Rs.60 thousand crores in year 2017.”

As per an estimate only 46% of the farmers take loans from the banks and rest of 54% obtain loans from other sources which never comes under the ambit of loan waiver. Therefore, loan waiver is a suicidal step for the economy and this trend should be stopped, pointed CAIT.