Telangana CM launches crop loan waiver scheme, disburses Rs 6,098 crore to 11.50 lakh farmers

HYDERABAD: Chief Minister A Revanth Reddy launched the crop loan waiver scheme on Thursday by disbursing Rs 6,098 crore in the accounts of over 11.50 lakh farmers across Telangana. In the first phase, loans up to Rs 1 lakh have been waived off.

During a video conference at the Telangana Secretariat on Thursday, Revanth Reddy, along with Legislative Council Chairman Gutha Sukhender Reddy, Assembly Speaker Gadam Prasad Kumar and other ministers, handed over the loan waiver cheques to several farmers. He also announced that loans up to Rs 1.5 lakh would be waived by the end of this month. The finance department has already deposited the necessary funds in the banks for this phase. The government plans to complete the loan waiver in three stages, with an estimated Rs 8,000 crores required for the second instalment.

Revanth Reddy stated that the third instalment, which will waive loans up to Rs 2 lakh, will require Rs 15,000 crores, and the funds will be deposited by August 15. "We've fulfilled out committment to farmers by fulfilling the promise of loan waiver within eight months," said Revanth Reddy. He criticised the previous government for not properly implementing the loan waiver scheme and highlighted that the Congress party always keeps its promises.

The Chief Minister clarified that ration cards were not necessary for the loan waiver, and only passbooks would be required. He urged farmers to consult bank officials if they faced any issues.

Addressing the farmers from 577 Rythu Vedikas across the state via video conference, Revanth Reddy emphasised that this initiative would set a new standard for other states.

He announced plans to hold a gratitude meeting in Warangal, inviting Rahul Gandhi to express thanks on behalf of Telangana's farmers.