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Agricultural credit growth in India
By Prof Ghulam Mohyuddin. Wani
?Agricultural credit in India has been in vogue since ages. The bunya bewpari system prevailing in rural India was one of the oldest hoarding systems. The cultivator used to borrow from traders prior to cropping season and return the sun in cash or in kind at harvest. The lender will keep farmers land on mortgage too. At times minor gold ornaments too were mortgaged to get few buck on loan .Most of the rural loans were spent either on purchase of a bullock, seeds or even for marriages of sons and daughters.
This system even now exists .Its intensity has of course decreased and mitigated with availability of more credit from banks at easy rates. The agricultural credit has been growing but is still not functioning in tribal arrears and baseline communities.
The red polo shirts corruption and paper works scrums a good percentage of people in farm sector to be exploited by the money lenders. Here we shall present figures on the agricultural credit growth in purple polo shirt India. ?
The agriculture credit in 2003-4 was 4470 crores.It was 12084 in 2006-7.Thus a 170% INCREASE is big. Its share is in all grey polo shirts banks and banking systems. We have now 69 lakh kisan credit cards till dec, 2008.
Let us analyse the figures.
?We have 136 lakh land holders or farmers who practice farming. The total requirements are some 20500 crores.At present we have a link of 13600 crores.Thus actual distribution in 2007-8 was lower than needed .It was around nine thousand crores.Thus needed and spend is at disparity and thus a portion of credit flows from the private lenders.