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Telangana CM Revanth Reddy Announces ₹2 Lakh Farmer Loan Waiver from Dec 12, 2018 to 9 December 2023

Telangana CM Revanth Reddy Announces ₹2 Lakh Farmer Loan Waiver from Dec 12, 2018 to 9 December 2023

Telangana CM Revanth Reddy Announces ₹2 Lakh Farmer Loan Waiver to the loans from Dec 12, 2018 to 9 December 2023 total 5 years.

The Telangana state cabinet, led by Chief Minister Revanth Reddy, convened on Friday to address several critical issues, including a major relief plan for farmers. In a significant announcement, CM Revanth Reddy confirmed the implementation of a ₹2 lakh loan waiver for farmers, a promise made in the Warangal Farmers’ Declaration. The government plans to execute this loan waiver within the first eight months of its tenure.

Key Decisions from the Telangana State Cabinet Meeting

The cabinet’s decision aims to relieve farmers of debts incurred over a five-year period, capping the waiver at ₹2 lakh per farmer. This initiative is set to transform the agricultural sector, making farming more sustainable and less burdensome for farmers.

Agricultural Development: From Burden to Celebration

CM Revanth Reddy emphasized the government’s commitment to making agriculture a celebrated occupation rather than a burdensome task. He assured that the entire ₹2 lakh loan waiver would be processed in a single phase, marking a significant shift from previous administrations. The previous government had implemented two separate loan waivers totaling ₹21,000 crore. In contrast, the BRS government has set a cut-off date of December 11, 2018, for loan eligibility. Loans taken up to December 9, 2023, will be considered for the waiver.

Details of the Loan Waiver Plan

Loans taken between December 12, 2018, and December 9, 2023, will be waived up to ₹2 lakh per farmer. The total cost to the state for this five-year loan waiver program is estimated at ₹31,000 crore.

Farmer Trust Committee:

To ensure transparency in the implementation of the farmer trust program, the government has appointed members to the Farmer Trust Committee. This committee includes Bhatti Vikramarka, Minister for Finance; Tummala Nageswara Rao, Minister for Agriculture; and Ponguleti Srinivas Reddy, Minister for Revenue. Their role is to oversee the effective execution of the farmer trust initiative. During upcoming assembly sessions, discussions will take place, and decisions will be made. The deadline for submitting recommendations is July 15th.

Congress Party Announces Major Loan Waiver for Farmers

Chief Minister Revanth Reddy declared that the Congress party is committed to making agriculture a celebratory affair for farmers by announcing a substantial loan waiver of up to Rs. 2 lakh. Speaking to the media after a cabinet meeting, he emphasized that when the Congress Party and Sonia Gandhi make a promise, it is set in stone. No matter the circumstances, the party stands by its commitments, showcasing the leadership’s integrity and commitment.

Major Loan Waiver Initiative

In the Warangal Farmer’s Declaration on May 6, 2022, Rahul Gandhi pledged to waive farm loans, a promise that the cabinet has now decided to fulfill. The decision entails waiving crop loans up to Rs. 2 lakh, benefiting millions of farmers across the state.

Historical Context of Loan Waivers

Following the formation of Telangana state, the previous government implemented loan waivers in 2014 and 2018. The first waiver amounted to Rs. 16,000 crore, and the second totaled Rs. 12,000 crore. The cutoff date set by the previous administration was December 11, 2018. However, the current government has considered the period from December 12, 2018, to December 9, 2023, as the new cutoff for this loan waiver initiative.

Impact on Farmers

The cabinet’s decision aims to benefit 4.7 million farmers by waiving their loans. This initiative is projected to cost approximately Rs. 31,000 crore. To ensure proper implementation, a sub-committee has been established, which will submit its report by July 15. Based on this report, the modalities of the ‘Rythu Bharosa’ (Farmer’s Assurance) scheme will be finalized. Ministers Sridhar Babu and Ponguleti Srinivas Reddy will oversee the implementation of these decisions.

Future Plans for Farmer Support

The government’s plan includes comprehensive measures to support farmers beyond just loan waivers. The ‘Rythu Bharosa’ scheme will outline additional policies to provide sustained support to the farming community. This initiative is a testament to the Congress party’s dedication to addressing the issues faced by farmers and ensuring their prosperity.

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