Telangana's Historic Rs 2 Lakh Loan Waiver: A Golden Day for Farmers

Telangana Chief Minister Revanth Reddy and Deputy Chief Minister Bhatti Vikramarka Mallu released over Rs 6,000 crore to farmers under the loan waiver scheme 2024. The initiative aims to clear up to Rs 2 lakh in farmers' loans by August 15, 2024, positioning Telangana as a model state in agricultural support.

On Thursday, Telangana Chief Minister Revanth Reddy and Deputy Chief Minister Bhatti Vikramarka Mallu announced the release of over Rs 6,000 crore into farmers' accounts under the loan waiver scheme for 2024. During the event, Bhatti Vikramarka described it as a momentous day for the farmers of Telangana, one that deserves to be etched in golden letters in the annals of history.

The entire nation is eyeing Telangana with awe as it waives off up to Rs 2 lakh of farmers' loans in one fell swoop, setting a national record. No other state has implemented such a massive loan waiver scheme at one go, positioning Telangana as a role model for the country.

The Congress Party, having already fulfilled five of its six election promises, has now delivered on its significant pledge to waive farmers' loans up to Rs 2 lakh. Despite the state's wealth post-bifurcation and under the BRS Party's governance, the previous administration could only manage a Rs 1 lakh loan waiver in five years, spread across four instalments.

The BRS Party, which came to power in 2018, struggled to implement even a Rs 1 lakh loan waiver scheme fully within five years. In contrast, the Congress Party, now in power, meticulously raised funds and demonstrated its dedication to farmers by delivering on its promise. Congress leader Rahul Gandhi had vowed in a Warangal public meeting that, if elected, the party would waive farmers' loans up to Rs 2 lakh in one go. True to the promise, the Congress government has initiated the loan waiver scheme, starting with the release of Rs 6,000 crore, crediting up to Rs 1 lakh into farmers' accounts. The state government has pledged to repay individual farmers' bank loans of up to Rs 2 lakh by August 15.

Although many doubted Chief Minister Revanth Reddy’s ambitious deadline, the government has shown remarkable courage by depositing Rs 1 lakh into each farmer's account, marking a significant start towards fulfilling its commitment by August 15. Deputy CM Bhatti reiterated that the state government would ultimately deposit Rs 31,000 crore into the accounts of 40 lakh farmers. He emphasized that no corporate entity in independent India has released Rs 31,000 crore at once to clear loans, underscoring the unprecedented nature of this initiative.

Bhatti extended his gratitude to the voters and congratulated Telangana Chief Minister Revanth Reddy for leading the Congress Party to power. He also lauded party leaders and cadres for their electoral success.