Telangana government to release Rs 6,098.93 crores for 11.50 lakh farmers for crop loan waiver scheme

Hyderabad: The Telangana government released Rs 6,098.93 crores on Thursday evening for 11.50 lakh farmers in the State, as part of the crop loan waiver scheme. A total of 40 lakh farmers in Telangana will benefit from the farm loan waiver in total, and the scheme will cost the State government around Rs 31,000 crores. Chief minister Revanth Reddy along with deputy chief minister M Bhatti Vikramarka, and Minister Thummala Nageshwar Rao participated in the 'Rythu Nestham' program at the Secretariat and interacted with farmers regarding the loan waiver before releasing the funds. By the end of this month, the state government will release funds into the accounts of farmers who have loans up to Rs. 1.5 lakh.

Chief minister Revanth Reddy asked farmers to celebrate loan waiver as a festival.

Second phase of loan waiver

The loan waiver scheduled for July is the second phase of the scheme for farmers who have taken a loan of Rs 1.5 lakhs from the banks. Deputy Chief Minister Bhatti Vikramarka Mallu has instructed officials that the funds released for the farmers’ loan waiver should be utilised exclusively for that purpose and should not be used for any other loans.

In a meeting with the bankers on the day of the waiver, Bhatti said, “This waiver of Rs 6,000 crores should be given to the farmers who have taken loans up to Rs 1.5 lakhs from the banks.”

Rs 2 lakh loan waiver

The waiver of Rs 2 lakh loans will be carried out later. The farmers who have more than Rs 2 lakh loans are urged to meet the bankers and resolve the excess amounts. The same instructions have been passed to the bankers too, regarding explaining the loan waiver to the farmers. An amount of Rs 2 lakhs when released will be adjusted to the farmers’ loan.

‘Implemented farm loan despite a tough financial situation’

“The Telangana Congress Pradesh president and leader of Congress Legislature Party had agreed on farm loan waiver in our election campaign and are fulfilling the promise. We are implementing our word in letter and spirit,” said Bhatti.

Bhatti added, “We have spent sleepless nights implementing this crop loan waiver scheme even as the financial situation of the State is not very good. The BRS government implemented Rs 1 lakh loan waiver scheme in four instalments at the rate of Rs 25,000. The Congress government has inherited a loan burden of Rs 7 lakh crores. Yet we are implementing the Rs 2 lakh loan waiver scheme mobilising every possible rupee.”

Speaking on the occasion, G Niranjan, senior vice president of Telangana Congress, said, “TPCC congratulates the farmers and also the State government for fulfilling the promise given by senior Congress leader Rahul Gandhi during his election meeting in Warangal.”

On May 6, 2022, Rahul Gandhi promised a Rs. 2 lakh farmer loan waiver in the Warangal declaration.