Telangana Waives Rs 12,000 Crore Farm Loans in 12 Days, 6 Lakh Farmers Benefited

Telangana Waives Rs 12,000 Crore Farm Loans in 12 Days, 6 Lakh Farmers Benefited: Releasing funds under the second phase of the farm loan waiver scheme benefiting 6.40 lakh farmers in Telangana, Chief Minister Revanth Reddy said that his government waived Rs 12,000 Crore worth of farm loans in just 12 days.

Announcing the farm loan waiver on Tuesday, Reddy said "While India attained Independence in August, farmers in the Telangana state also got freedom from the mounting debt burden in the same month and the farming community was relieved after the waiver of farm loans up to Rs 2 lakh".

The Chief Minister further said that the waiver of farm loans by allocating a whopping Rs 31,000 Crore funds at one go created a new record in the history of the country.

"No state in the history of the country has waived such a large amount of farmers' loans so far", he said, maintaining that political parties usually remember the farmers during the election period and lure them with promises and that there are no elections and no political interests in the waiver of farm loans except safeguarding the interests of the distressed farmers.

While the assembly session is going on, Revanth Reddy launched the second phase of the farm loan waiver scheme up to Rs 2 lakh at the Assembly premises in Hyderabad on Tuesday.

Deputy Chief Minister Bhatti Vikramarka, Assembly Speaker Gaddam Prasad, Council Chairman Gutta Sukhender Reddy, Agriculture Minister Tummala Nageswara Rao, state ministers and MLAs participated in the distribution of cheques to the farmers and the entire premises wore a festive atmosphere.

The Chief Minister announced that the loans up to Rs 2 lakh of all farmers will be waived by depositing Rs 6,198 Crore in 6.40 lakh farmers' accounts directly.