Telangana News | CM releases second installment funds of crop loan waiver scheme

Hyderabad: Telangana Chief Minister A Revanth Reddy released the second installment of funds for the crop loan waiver scheme at a program held in the Legislative Assembly premises on Tuesday.

Assembly Speaker Gaddam Prasad Kumar, Deputy Chief Minister Bhatti Vikramarka, Agriculture Minister Thummal Nageswara Rao, and other ministers attended the program.

Under this second phase, agriculture loans up to Rs 1.5 lakh are being waived by depositing Rs 6,190 crore into farmers’ bank accounts. About 6.40 lakh farmers were benefiting from the release of these funds.

The Congress government has decided to waive agriculture loans up to Rs 2 lakh by August 2024. In the first installment, loans up to one lakh rupees were waived on July 19, benefiting 11.34 lakh families with a total of Rs 6,035 crore released under the crop loan waiver scheme.

Speaking on the occasion, the Chief Minister congratulated those who participated in the program, emphasizing that the interest of the farmer is paramount, not political benefit.

He reiterated the commitment made in the Warangal Farmer’s Declaration on May 6, 2022, that the happiness of farmers is a priority.

The Chief Minister criticized the previous government for failing to complete the loan waiver of Rs 1 lakh over 60 months in four installments and not waiving even Rs 25,000 crores. He highlighted the scepticism faced regarding the Telangana government’s ability to waive debts despite financial challenges.

“We have made plans to waive the loan under any circumstances. We have collected funds and today, in the second installment of Rs 6,190 crores, we are benefiting about six and a half lakh farmers. This is our sincerity and commitment,” he said.

The Chief Minister praised the historical efforts of the Congress party in supporting farmers, mentioning the Green Revolution brought by Nehru, Indiramma’s nationalization of banks for low-interest loans, and the Food Security Act under Sonia Gandhi’s leadership.

“In just one month, we have waived the farmer’s loan up to Rs 1.5 lakhs and proven our sincerity. By August, we will complete the loan waiver of Rs 2 lakhs and make the farmers debt-free. July and August will be written in history for this achievement,” he added.

The Telangana government has created a record by waiving farmers’ loans on such a large scale, unmatched by any state in independent India.

The Chief Minister acknowledged the Finance Minister and his staff for collecting Rs 12,000 crores for the loan waiver within 12 days.