CM KCR of Telangana announces loan forgiveness for over 9 lakh farmers.

On Monday, August 14, the Telangana government, under the leadership of Chief Minister KCR, took a significant step by announcing the waiver of farm loans for more than nine lakh farmers. This measure encompassed loans that were under Rs 1 lakh in value. The primary objective was to alleviate the financial burden on farmers who had borrowed smaller amounts for agricultural purposes.

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In line with this decision, Chief Minister KCR declared that farmers who had borrowed less than Rs 1 lakh would be relieved of their debt. The state government would take responsibility for repaying loan amounts up to Rs 99,999 directly to the banks. To expedite the process, the Chief Minister issued instructions for the immediate deposit of the necessary funds in the respective banks, acting on behalf of the farmers

The state finance department received directives from Chief Minister KCR to facilitate the release of a total of Rs 5,809.78 crore. This substantial sum was earmarked to cover the loans of 9,02,843 farmers who qualified for the waiver.

This move by the government follows a prior promise made by Chief Minister KCR after securing a second consecutive term in 2018. The pledge involved the waiving of loans for farmers who had taken crop loans of less than Rs 1 lakh by December 11, 2018. Subsequently, on August 2, Chief Minister KCR affirmed his commitment to expedite the loan waiver process within a span of 45 days.

In the recent initiative, the government allocated Rs 1,943.64 crore to settle the loans of 7,19,488 farmers who had availed loans up to Rs 50,000. With this latest decision, the government’s total disbursement for loan waivers reached a substantial Rs 7,753 crore, benefiting an overall count of 16,66,899 farmers.

Telangana’s Municipal Administration and Urban Development (MAUD) minister, as well as the working president of BRS, KT Rama Rao, hailed this step as another instance of compassionate governance under Chief Minister KCR’s leadership. In a tweet, he proudly lauded the farmer-friendly policies of the Telangana government, which had succeeded in waiving off crop loans amounting to Rs 5,809 crore in a single day. He highlighted that Telangana stands apart as the only Indian state to twice undertake such a significant loan waiver on such a grand scale. This action stands as a testament to Telangana’s commitment to supporting its farmers and fostering their well-being.

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