Farm Loan Waiver Of Up To Rs 1 Lakh To Be Implemented From July 18: Telangana CM Revanth Reddy
Telangana Chief Minister Revanth Reddy announces farm loan waiver of up to Rs. 1 lakh from July 18, covering loans up to Rs. 2 lakh per farmer family.
Telangana Chief Minister Revanth Reddy on Tuesday announced that a farm loan waiver of up to Rs. 1 lakh is set to be implemented from July 18. The funds will be deposited into the farmers' loan accounts by the evening of the same day.
"Clear instructions have been given to bankers that the loan waiver funds should not get diverted. Strict action will be taken against bankers if they deposit the funds released by the government for loan waiver in other accounts," the Telangana Chief Minister’s Office (CMO) informed, as reported by ANI.
Telangana Government Issues Comprehensive Guidelines For Farm Loan Waiver
The Telangana government, on Monday, issued comprehensive guidelines for the waiver of crop loans amounting to Rs. 2 lakh. A government order was released, detailing the eligibility criteria and the modalities to be adopted, news agency IANS reported. The scheme will apply to loans approved or renewed on or after December 12, 2018, and those outstanding as of December 9, 2023. Each farmer's family is eligible for a waiver of up to Rs. 2 lakh, covering the entire outstanding principal and interest as of December 9, 2023.
Farmers will be identified for the scheme based on their food security cards or ration cards. The Commissioner and Director of Agriculture will oversee the implementation of the crop loan waiver scheme, IANS reported. The National Informatics Centre (NIC) in Hyderabad will serve as the IT partner, with the Director of Agriculture and NIC jointly operating a portal to manage the scheme. This portal will feature tools for uploading and validating loan account data and determining eligibility. Each bank will appoint a nodal officer to coordinate the implementation among banks, the Director of Agriculture, and NIC.
To address farmers' issues during the scheme's implementation, a special cell will be created, with officials directed to resolve problems within 30 days.
Last month, the government decided to waive crop loans by allocating Rs. 31,000 crore. This decision was taken at a state Cabinet meeting. Chief Minister Revanth Reddy emphasised that the loans would be waived in one go, contrasting the previous government of Bharat Rashtra Samithi (BRS), which waived loans of up to Rs. 1 lakh in four instalments.
Revanth Reddy highlighted that while the BRS government waived loans totalling Rs. 28,000 crore over two terms between 2014 and 2023, the current Congress government will spend Rs. 31,000 crore. He recalled that the promise was made in the farmers’ declaration unveiled by Rahul Gandhi in Warangal on May 6, 2022. The Chief Minister stated that by fulfilling this promise, the government aims to convey that agriculture is a festivity and not a loss-making profession.
"While the previous government in 10 years did not fulfil promises made to farmers, the Congress government is implementing its promises in eight months," Revanth Reddy remarked, as quoted by IANS.
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