Telangana CM Announces Rs 2 Lakh Loan Waiver for Farmers

Hyderabad: Telangana Chief Minister A Revanth Reddy on Friday declared a loan waiver of Rs two lakh for farmers in the state.

“The cabinet decided to waive the farm loan up to Rs 2 lakh. The previous government waived only Rs 28,000 crore farm loans in its 10-year rule. The last government put the cut off on December 11, 2018 to avail the farm loan waiver scheme benefit,” the Telangana CM said in a statement.

“The government decided to waive loans for the welfare of farmers. The previous government did not keep its promise to the farmers for ten years. Our government is fulfilling the promise to the farmers within eight months after coming to power in the state,” Reddy said in the statement.

The details of the loan waiver, including the eligibility conditions, would be announced later, he added.

According to the Telangana CM this loan waiver decision would cost about Rs 31,000 crore to the state exchequer.

Earlier, the previous BRS government also announced a similar scheme that cost Rs 28,000 crore to the state treasury.