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Farm loan waiver by Aug 15
Telangana Chief Minister A Revanth Reddy addressing the media in Hyderabad on Friday
- Cabinet ratifies modalities to implement loan waiver scheme
- Rs 31,000 cr needed to waive off loans up to Rs 2 lakh
Hyderabad: The Telangana Cabinet on Friday decided to waive farm loans up to Rs 2 lakh in one go by August 15 this year. The Cabinet also ratified modalities and the guidelines to implement the farm loan waiver scheme based on the farmers’ income levels and their land holdings in the meeting.
Briefing the media, Chief Minister A Revanth Reddy said the farmers who took bank loans between December 12, 2018 and December 9, 2023, will be eligible to avail the farm loan waiver scheme. The government estimates that it would require Rs 31,000 crore to implement the scheme in one go.
Under the loan waiver scheme, the government will give priority to the poor farmers who are burdened by the mounting debts from the institutional loans taken from the banks. Income Tax payers and government employees working at higher levels and other rich farmers will be excluded from the list of beneficiaries. Revanth said the Congress government was committed to fulfill the promise of loan waiver. This was the promise made by Rahul Gandhi on May 6, 2022 during his poll campaign, he said.
The CM said the previous BRS government waived Rs 28,000 crore loan amount in two phases during its 10-year rule whereas the Congress government had decided to waive off more than Rs 31,000 crore loan in one go in just eight months after coming to power.
The government has already begun the exercise to mobilise the funds, the CM said, adding that Finance minister Mallu Bhatti Vikramarka took the responsibility of borrowing funds from different sources.
The government had also constituted a Cabinet Sub Committee headed by Bhatti to implement the Rythu Bharosa scheme, which was formerly known as Rythu Bandhu. The scheme benefit would be provided to the farmers on the recommendations of the Cabinet Sub Committee. The government was contemplating providing the benefit only to the poor and marginal farmers.
Revanth Reddy said the Sub Committee would seek suggestions from the farmers associations and political parties and submit its report by July 15. The report will be tabled in the Assembly for debate and a final decision would be taken. The CM also said that the government has appointed IT and Industry Minister D Sridhar Babu and Information and Public Relations Minister P Srinivas Reddy to provide information related to the government to the media regularly to avoid the spread of misinformation.
