The financial position of cooperative sector in the State has been hit because of waiver of loans by some governments, said G.T. Deve Gowda, chairman of the Karnataka State Cooperative Federation and the Karnataka Housing Board.
He was addressing the gathering after inaugurating the national conference on the ‘Role of the cooperative sector in the development of India’ at the Placement Auditorium of PES College here on Saturday. The cooperative sector has been badly hit due to waiver of loans by the former Prime Minister V.P. Singh, the former Chief Ministers Ramakrishna Hegde, H.D. Kumaraswamy and other leaders, he said. He alleged that the policy would benefit only a small percentage of farmers.
“No honest farmer demands waiver of crop loans. Instead of waiving loans, they can be converted into long-term loans,” Mr. Gowda said.
Emphasising the need for strengthening cooperative societies in the State, he urged officials concerned in the sector to work towards it.
Mr. Gowda recalled the contribution of T. Mariyappa, K.V. Shankare Gowda, H.V. Veere Gowda, H.D. Chowdaiah and others to the development of the cooperative sector.