Maharashtra CM Devendra Fadnavis announces Rs. 34,000 crore farm loan waiver

Maharashtra CM Devendra Fadnavis

New Delhi:  Maharashtra Chief Minister Devendra Fadnavis on Saturday made a major announcement of giving Rs. 34,000 crore as loan relief to 89 lakh farmers. He said all loans by farmers below Rs. 1.5 lakh will be waived off. Addressing a press conference in Mumbai, Fadnavis said “those farmers who have paid back their loans regularly, we will give 25% loan return benefit to them.” He said that he was aware that the burden will fall on the government “I am aware that the burden will fall on us, we will cut our expenses. All ministers & MLAs will give 1 month salary to support loan waiver,” he added. Chief Minister asserted that those farmers, who have paid their loans regularly, will get 25 percent loan return benefit. "Those farmers who have paid back their loans regularly, we will give 25 percent loan return benefit to them. We have discussed this with several stakeholders in this matter," Fadnavis said. He also assured that this step will make 90 percent farmers loans completely. However, Chief Minister also made it clear that those who have income of more than 10 lakhs per annum will not be benefitted in this loan waiving scheme. Several incidents of violence were reported from Maharashtra after annoyed farmers took to streets to protest against the Chief Minister Fadnavis. Their demands included loan waiver. Earlier, Rs 30,000 crore of farm loans were waived off in Maharashtra amidst large-scale protests. Farmers in Maharashtra, who had been on a war path from June 1 to press for their various demands, on June 11 called off their stir after Fadnavis announced loan waiver for them.