In what is being seen as the single biggest populist measure by any state government in the country , Andhra Pradesh CM-elect Chandrababu Naidu is all set to waive off Rs.54,000 crore that was taken by farmers as loans from various banks.
This is said to be the first file Naidu will sign after taking over as CM on June 8. Instead of repaying the banks, the state would issue bonds.
However, economists are not amused at this populism by Naidu of what has started off as a revenue deficit state.
According to sources, the TDP chief has been discussing the issue with bureaucrats and party leaders, who presented him three different options to implement the loan waiver. The burden on the exchequer for implementing the loan waiver farmers including self-help group loans was pegged at Rs.54,000 crore.
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