Crop loan debts up to Rs 50,000 were waived by the Telangana government, benefiting nearly six lakh farmers across the state. Farmers will receive the funds between August 15 and August 31. As part of the implementation of the second phase of Rs 1 lakh crop loan waiver scheme, the State Cabinet meeting chaired by Chief Minister K Chandrashekar Rao gave its approval to this initiative.
Crop debts up to Rs 25,000 were waived off in the first phase last year. Crop debts up to Rs 75,000 will be canceled in the third phase in 2022, and up to Rs 1 lakh in 2023.
The Chief Minister vowed to waive crop loans up to Rs 1 lakh undertaken by roughly 36.8 lakh farmers throughout the state during the run-up to the 2018 Assembly elections. This was included in the TRS manifesto as well.
Following through on his promise after being re-elected for a second term in December 2018, the Chief Minister waived agricultural loans for roughly 2.96 lakh farmers in the first phase in 2020, with a budget of Rs 408 crore.
Crop loans of up to Rs 50,000 will now be waived for over six lakh farmers, costing about Rs 4,900 crore. During its first term, between 2014 and 2018, the TRS government spent over Rs 25,000 crore on agriculture loan waivers up to Rs 1 lakh.
