Rs 6,190 Crore Released For Second Phase Of Crop Loan Waiver

The Telangana government today launched the second phase of crop loan waiver, releasing Rs 6,190 crore into the accounts of the qualifying farmers.

Chief Minister Revanth Reddy along with Deputy Chief Minister Bhatti Vikramarka and other cabinet ministers launched the second phase on the premises of the Assembly, and formally handed over a cheque of Rs 6,190 crore for the scheme.

Speaking on the occasion, the CM said that his government had proved its commitment by waiving off crop loans of up to Rs 1.5 lakh within a month, and that crop loans of up to Rs 2 lakh would be waived off next by August, freeing the farmers from their debt burdens.

"July and August will be remembered as significant months in the history of Telangana. The State has created history in the country by waiving off farm loans in a record one month. No State in independent India has so far waived off farmers' loans on such a large scale," Reddy said.

He added that about six lakh farmers would benefit from the second phase of the farm loan waiver.

The Chief Minister alleged that the previous BRS government had failed to waive off crop loans of even up to Rs 1 lakh during its 60 months in power, and had waived crop loans of hardly Rs 25,000 crore.

"The Congress announced its farmers' declaration on May 6, 2022, in Warangal to bring happiness to the distressed peasants' lives. After the Congress came to power in Telangana, some raised serious doubts about the implementation of the farm loan waiver due to the deep financial crisis the State was facing. But the State government prepared plans to waive the loans despite facing a funds crisis, and mobilised the required funds successfully," Reddy said.

He appreciated Deputy CM and Finance Minister Bhatti Vikramarka and his staff for mobilising Rs 12,000 crore for the loan waiver within 12 days.

The CM also said that the State government had paid Rs 43,000 crore in six months as interest on the debts incurred by the previous government.