Telangana CM releases second tranche of crop loan waiver funds

HYDERABAD: Chief Minister A Revanth Reddy emphasised that farmer welfare is a top priority for the Congress government, so it has implemented a farm loan waiver scheme.

Speaking at an event at the Assembly premises to mark the release of the second tranche of farm loan waiver funds, the Chief Minister noted that while corporate entities have been defaulting on bank loans, farmers have been struggling to repay their debts. He highlighted that corporate companies have evaded repaying loans amounting to Rs 14 lakh crore over the past decade.

“In the past, many farmers died by suicide due to financial distress. Our policy is to ensure that no farmer faces such a situation. That's why we have waived farm loans up to Rs 1.5 lakh. Today is a day of celebration for all farmers in the state. We have fulfilled the promise made by Sonia Gandhi and Rahul Gandhi to waive farm loans. In the second phase, we have waived Rs 6,190 crore,” the Chief Minister said.

In the second phase of the loan waiver scheme, Rs 6,190 crore has been deposited into the accounts of approximately 6.4 lakh farmers. In the first phase, Rs 6,035 crore was released to 11.34 lakh farmers. So far, 17.75 lakh farmers have benefited from the scheme. In total, Rs 12,225 crore has been credited to farmers' accounts in both phases.

The Chief Minister congratulated everyone who participated in the program, emphasising that it was above politics and focused solely on the welfare of farmers. He recalled the announcement of the Warangal Farmer Declaration on May 6, 2022, which aimed at the well-being of farmers.

He criticised the previous BRS government for failing to complete the farm loan waiver of Rs 1 lakh in four installments over 60 months. He pointed out that the previous government couldn't waive Rs 25,000 crore crop loans.

Revanth Reddy addressed doubts about his government's ability to implement the loan waiver due to inherited debts, stating that they devised plans and mobilised funds despite the challenges. He drew parallels to the Congress party's historical support for farmers, citing examples like Nehru's Green Revolution, the slogan "Jai Jawan, Jai Kisan," Indira Gandhi's nationalisation of banks, and Sonia Gandhi's role in enacting the Food Security Act. He reminded that the previous Congress-led UPA Government had waived Rs 72,000 crore in loans to support farmers across the country, emphasising the party's consistent pro-farmer stance.

The Chief Minister reiterated the Congress government's commitment to complete the loan waiver of up to Rs 2 lakh by August, aiming to free farmers from debt. He declared July and August as historic months, marking a significant milestone in the country's history with the Telangana government's record-breaking farm loan waiver.

He commended Deputy Chief Minister and Finance Minister Bhatti Vikramarka Mallu and his team for effectively managing finances. He highlighted the allocation of Rs 43,000 crore for interest payments on debts incurred by the previous government and the efficient mobilisation of Rs 12,000 crore for the loan waiver within just 12 days.