The finance minister's (FM) shrewd decision to waive small farmer loans may end up costing the nation much less than the Rs 60,000 crore earlier estimated. The FM says since many of the loans have already gone bad, the government will not be writing them off. While the waiver is clearly political and certain to be misused, it will act as a direct cash transfer to millions of poor. If welfare is to be handed out, this is the best way to do it. It beats the corporate welfare Delhi and most states have been indulging in, free of substantial criticism from the media and opposition. Every year, connected persons and firms get sops worth far more than those given to farmers. Privately, officials also fret over the manner in which national resources, from mines to telecom spectrum, are given to companies at deep discounts. Last week, the headlines fixated on word that three India-based businessmen are among the world's 10 richest men. But what the media failed to point out is the three made their money in highly regulated industries, where mandarins dictate success more than markets