Telangana government waived 16,374 crore loan, benefiting over 35 lakh farmers

The Telangana government has completed the final round of a loan waiver scheme to the farmers in the state. The total quantum of loans waived now stands at `16,374 crore, benefiting over 35 lakh farmers. The loan waiver was one of the main poll promises of the ruling Telangana Rashtra Samithi (TRS) in the first assembly elections after the state’s formation in 2014.

According to a release from the chief minister’s office, the final round of `4,000 crore was released. The loan waiver promise of the Telangana and Andhra Pradesh governments had faced stiff resistance from the Reserve Bank of India in 2014 with the then governor,Raghuram Rajan , openly stating that waiving loans would lead to widespread damage and destroy the credit culture.

“Unprecedented in the country, we have waived loans of 36 lakh farmers amounting to `17,000 crore. The state’s financial situation is strong and its prosperity on the increase. These benefits should reach farmers. We are supplying seed and fertilisers to farmers on time along with nine hours free and uninterrupted power supply,” chief minister K Chandrasekhar Rao said.

Further, the chief minister declared that the government would provide financial assistance of `4,000 per acre to the farmers in Telangana to purchase fertilisers. From next financial year, every year before the kharif season in the last week of May, the amount will be deposited into the bank accounts of farmers, agriculture minister Pocharam Srinivas Reddy said.

There are about 55 lakh farmers in the state who are using 25 lakh tonne of fertilisers. The government will give `4,000 per acre to each of them for the procurement of fertiliser. From next financial year onwards, every year in the last week of May, this amount will be deposited in the accounts of farmers. This programme will be implemented transparently. For this, farmers should form associations at the village level. These farmers’ associations should monitor all issues and programmes of farmers and agriculture, the CM said.

“We have decided to bring in a qualitative change among the lives of farmers. This is the reason why we wanted to give water to 1 crore acres of land in the state. We are reviving tanks through Mission Kakatiya and supplying quality power for nine hours. Even in the peak of summer we are giving quality power. We have made plans to fill Nizam Sagar with water from Medigadda. We are filling up the tanks and are completing various projects on a fast track. We will give water to 1 crore acres of land come what may,” the CM added.

Source: Financial Express

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