I came across an absurd piece of news which I think should have been ignored anyway, but I could not resist my anger. The news report said that the AP govt is mulling over a law where MFIs will have to provide $10,966.39 (even the exchange rates are frozen!) as compensation to families of people who have committed suicide because of "debt burden".
What the hell does this government eat for breakfast? Can't it open its eyes and see the bigger issue? It just handed over a massive incentive for people to consider committing suicide, a la Peepli Live. The Rural Development Minister says people are asking for compensation and since MFIs were the reason for suicides, they had to provide compensation.
Mr. Minister, 65 years after independence, the government failed to provide him the basic necessities of life in the first place, which is why he had to resort to borrowing. You think the MFIs are responsible for suicide, I think your government is responsible for failing to give him his needs. It's your word against mine.
I am no authority in such policy level issues but if a layman like me could see some fundamental flaw in what the minister is proposing, surely, he needs to rethink what he is trying to do. I cannot even understand how could the minister say something that sounds like an incentive scheme for prospective suicides?
"Are you caught in a debt-trap? If you commit suicide, the MFIs will give 5 lakhs!". Retrospective politics at its best!
The poor need better and reliable sources of income. The minister should visit his villages and see for himself if the NREGA payments are made properly on time. There have been blatant violations of the minimum payment for NREGA and villagers have complained that even after a month, they have not received their payments. If the government does not give him the promised income (despite a mandate from the Centre), don't blame him for borrowing.
They need better healthcare. One State Govt is handing over free televisions for entertainment while in the other state, the 104 medical service is erratic and even withdrawn in some places. There is nowhere they could go if they fall ill and don't blame them for borrowing.
Crops have failed severely because of excess rains and the government failed to warn the farmers or provide them alternate livelihood solutions in such times of loss. Farmers have been "tempted" (a term that the authorities love to use) to plant cash crops like sunflower. They had to invest heavily for these crops, and when the crops fail, they are left to fend for themselves. Heavy lobbying by MNCs have made the government turn a blind eye towards all this.
But you know what, none of this angers me as much as the response of Anurag Agarwal, VP, Intellecap does. Of all the things that could go wrong because of this law, he chose to worry about the difficultly MFIs would face in mobilising funds! "This kind of a perceived notion will make investors wary of investing in the sector and in the long run can affect fund capital raising plans of MFIs."
That's it? Mobilising funds is the ultimate objective? Satisfying investors is the final destination?
Agreed, money is primary to sustain in the business. But for God's sake look at the larger issue! This will deprive hundreds of people from accessing finance, which is a basic right that they are deprived of just because they were born in a small village. Millions will be condemned to poverty because MFIs will continue to worry if they will get their money back.
A little girl who wanted to go to school with her friends, a wife who wanted to set up a small idli shop so that she can support her husband, the young man who wanted a bicycle to ride to work - they will all be left with no choice but to live the life they have been living all this while - in poverty. They have no way out of it.
Oh wait, sorry I forgot. The government will have a solution for that. The poor do have an option. They can commit suicide because that will guarantee Rs. 5 lakhs from the MFIs.
I hate to sound jingoistic but it is silly incompetent acts like these that annoys me the most. If people like us who care for the country are sitting here simply writing away and reading such blogs, who the hell is running the country?
What the hell does this government eat for breakfast? Can't it open its eyes and see the bigger issue? It just handed over a massive incentive for people to consider committing suicide, a la Peepli Live. The Rural Development Minister says people are asking for compensation and since MFIs were the reason for suicides, they had to provide compensation.
Mr. Minister, 65 years after independence, the government failed to provide him the basic necessities of life in the first place, which is why he had to resort to borrowing. You think the MFIs are responsible for suicide, I think your government is responsible for failing to give him his needs. It's your word against mine.
I am no authority in such policy level issues but if a layman like me could see some fundamental flaw in what the minister is proposing, surely, he needs to rethink what he is trying to do. I cannot even understand how could the minister say something that sounds like an incentive scheme for prospective suicides?
"Are you caught in a debt-trap? If you commit suicide, the MFIs will give 5 lakhs!". Retrospective politics at its best!
The poor need better and reliable sources of income. The minister should visit his villages and see for himself if the NREGA payments are made properly on time. There have been blatant violations of the minimum payment for NREGA and villagers have complained that even after a month, they have not received their payments. If the government does not give him the promised income (despite a mandate from the Centre), don't blame him for borrowing.
They need better healthcare. One State Govt is handing over free televisions for entertainment while in the other state, the 104 medical service is erratic and even withdrawn in some places. There is nowhere they could go if they fall ill and don't blame them for borrowing.
Crops have failed severely because of excess rains and the government failed to warn the farmers or provide them alternate livelihood solutions in such times of loss. Farmers have been "tempted" (a term that the authorities love to use) to plant cash crops like sunflower. They had to invest heavily for these crops, and when the crops fail, they are left to fend for themselves. Heavy lobbying by MNCs have made the government turn a blind eye towards all this.
But you know what, none of this angers me as much as the response of Anurag Agarwal, VP, Intellecap does. Of all the things that could go wrong because of this law, he chose to worry about the difficultly MFIs would face in mobilising funds! "This kind of a perceived notion will make investors wary of investing in the sector and in the long run can affect fund capital raising plans of MFIs."
That's it? Mobilising funds is the ultimate objective? Satisfying investors is the final destination?
Agreed, money is primary to sustain in the business. But for God's sake look at the larger issue! This will deprive hundreds of people from accessing finance, which is a basic right that they are deprived of just because they were born in a small village. Millions will be condemned to poverty because MFIs will continue to worry if they will get their money back.
A little girl who wanted to go to school with her friends, a wife who wanted to set up a small idli shop so that she can support her husband, the young man who wanted a bicycle to ride to work - they will all be left with no choice but to live the life they have been living all this while - in poverty. They have no way out of it.
Oh wait, sorry I forgot. The government will have a solution for that. The poor do have an option. They can commit suicide because that will guarantee Rs. 5 lakhs from the MFIs.
I hate to sound jingoistic but it is silly incompetent acts like these that annoys me the most. If people like us who care for the country are sitting here simply writing away and reading such blogs, who the hell is running the country?
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