E-Paper
Telangana CM kicks off crop loan waiver scheme
Telangana chief minister A Revanth Reddy on Thursday kicked off the first phase of crop loan waiver scheme, depositing ₹1 lakh into the loan accounts of 1.1 million-odd farmers across the state.
Telangana chief minister A Revanth Reddy on Thursday kicked off the first phase of crop loan waiver scheme, depositing ₹1 lakh into the loan accounts of 1.1 million-odd farmers across the state.
Interacting with farmers from 500 Rythu Vedikas (farmers’ forums) through video conference from the state secretariat, Revanth Reddy said in the first phase, crop loans up to ₹1 lakh taken by farmers from commercial and cooperative banks were being waived. An amount of ₹6,098 crore was released into the loan accounts of these farmers, which would be used by the banks to clear their loan outstanding.
The chief minister said in the second phase, loans of farmers up to ₹1.5 lakh would be waived by July end. For the farmers, whose loan outstanding was up to ₹2 lakh, the loan waiver scheme would be implemented by August 15, he said.
“In all, ₹31,000 crore would be spent on the loan waiver scheme benefitting 40 lakh (4 million) farmers,” he said.
Revanth Reddy recalled that waiver of crop loans up to ₹2 lakh, including principal and interest components, was a promise made by Congress MP Rahul Gandhi while unveiling the “farmers’ declaration” at a public rally in Warangal in May 2023.
“Senior Congress leader reiterated the promise at a public meeting on the outskirts of Hyderabad on September 17, 2023, as part of six guarantees of the Congress ahead of the state assembly elections. I am glad to announce that we are able to implement the guarantee and fulfil our commitment to farmers,” the chief minister said, adding that the entire country was now looking at the Telangana model of crop loan waiver scheme.
He said that no corporate company since the Indian independence had waived loans to the tune of ₹31,000 crore at one go, he said, adding that the previous BRS government failed to waive crop loans even after returning to power for the second consecutive time in 2018.
“In the last 10 years, the BRS government waived only ₹21,000 crore and released the amount in several instalments,” he said.
Revanth Reddy said he and his cabinet colleagues would soon go to Delhi to personally thank Sonia Gandhi and Rahul Gandhi. “We shall hold a thanks-giving public rally at Warangal for which Rahul Gandhi would be invited,” he said.
As a symbolic gesture of commencing the crop loan waiver scheme, the chief minister handed cheques for ₹1 lakh each to 10 farmers from different districts of the state. The farmers, who interacted with him during the teleconference, thanked the state government for relieving them of the debt burden.
Earlier in the day, deputy chief minister and state finance minister Mallu Bhatti Vikramarka, held a meeting with bankers to discuss the modalities of implementing the crop loan waiver scheme. He requested the cooperation of the bankers to implement the scheme.
