Photo by rajat sarki on Unsplash
The Telangana state administration brought heartening news to the farming community. Telangana's Chief Minister, K. Chandrasekhar Rao, delivered his pledge of loan waivers on the occasion of Independence Day. The state government has allocated funds to fulfill this promise, bringing relief to many farmers. The state government has provided a substantial sum of Rs 5,809.78 crore to support farmers. Notably, several state governments across the country, in coordination with the Central Government, have extended special provisions for farmers in the past. This year, on August 15th, Telangana continued this trend, ensuring farmers could breathe easier. The gesture brings freedom from debt and financial pressure to the state's agricultural sector.
The central highlight of this relief package is the waiver of agricultural loans up to Rs 1 lakh for more than 9 lakh farmers. The Chief Minister clarified that loans under Rs 1 lakh are eligible for this waiver. The state government will cover loan amounts up to Rs 99,999. The allocated funds, totaling Rs 5,809.78 crore, have been disbursed to support 9,02,843 farmers. The money will be promptly deposited in the beneficiaries' accounts. This move fulfills a commitment made by the state government after securing a second term in power in 2018, promising to alleviate crop loan burdens up to Rs 1 lakh.
It's noteworthy that on August 2nd, the Chief Minister announced the comprehensive implementation of the farmer's loan waiver scheme, which has now come to fruition. In cases where 7,19,488 farmers held loans under Rs 50,000, the government paid banks a sum of Rs 1,943.64 crore. Furthermore, fresh guidelines were issued to resolve loan amounts up to Rs 99,999. This initiative has benefited a total of 16,66,899 farmers across the state.
During the 2018 Assembly elections, Chief Minister Chandrashekhar Rao committed to introducing a phased crop loan waiver initiative for loans up to one lakh rupees. However, the implementation of this scheme faced delays due to external factors like the COVID-19 pandemic and subsequent lockdown measures. And as assured, the state government has lived up to its commitment, granting farmers the anticipated loan relief to now avail and benefit from. Such loan reliefs are pivotal for the farming community. They provide significant financial respite to farmers burdened by debts, enabling them to reinvest in their agricultural activities, improve productivity, and ultimately lead to the betterment of the agricultural sector and the economy as a whole.
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