The Congress-led Telangana government started fulfilling its promise of waiving off farm loans on Thursday, a pledge made during the assembly elections. In the first phase, the government transferred Rs 6,098 crore to 11.5 lakh farmers who have loans up to Rs one lakh.
Chief Minister A. Revanth Reddy initiated the farm loan waiver scheme on Thursday. He, along with Deputy Chief Minister Bhatti Vikramarka Mallu and Minister Thummala Nageshwar Rao, participated in the ‘Rythu Nestham’ program at the Secretariat. They interacted with farmers regarding the loan waiver before releasing the funds.
Today, the state government deposited Rs 6,098.93 crore into the accounts of 11.50 lakh farmers with loans up to Rs 1 lakh. Government officials estimate that a total waiver of Rs 31,000 crore will benefit nearly 50 lakh farmers.
Reddy has instructed that the loan waiver be celebrated like a festival, according to officials. By the end of this month, the state government plans to release funds into the accounts of farmers with loans up to Rs 1.5 lakh. In August, funds will be released to those with loans up to Rs 2 lakh.
Officials stated that the state government intends to waive off farmers’ loans amounting to approximately Rs 31,000 crore.
On May 6, 2022, Congress leader Rahul Gandhi promised a Rs 2 lakh farmer loan waiver in the Warangal declaration if the party came to power in the state. The Congress wrested power from the K. Chandrasekhar Rao-led BRS in the southern state and formed its government for the first time since the state’s formation in 2014.