The state government in Hyderabad has decided to implement a farmers loan waiver scheme of up to Rs 2 lakh before August 15 this year. This promise was made by the ruling Congress party in their election manifesto during the recent Assembly elections.
To ensure the timely implementation of the loan waiver scheme, authorities have begun drafting guidelines for it along with the Rythu Bharosa and crop insurance schemes. The government estimates that around Rs 35,000 crore will be needed to clear the farmers’ loans, and they are planning to establish a special body to oversee the implementation of the scheme. A meeting will soon be held with the state-level bankers committee to discuss various possibilities regarding the loan waiver.
In the past, the previous government had waived farm loans worth Rs 30,000 crore after promising to waive loans up to Rs 1 lakh. Eligible farmers will be identified through the state agriculture department, which will then submit a report to the Finance wing for budget approval by June. The finance department will finalize the schedule for clearing bank loans and complete the process by August.
