Haryana Launches Debt Relief for Farmers: A Fresh Start with One-Time Settlement

Haryana Chief Minister Nayab Singh Saini unveiled a One-Time Settlement scheme to waive outstanding interest on loans for farmers. Effective until March 31, 2026, this initiative relieves over 6.8 lakh farmers and poor laborers and applies to additional crop loans. Deceased farmers' families benefit if they settle the principal.

In a significant move to assist the farming community, Haryana Chief Minister Nayab Singh Saini announced the One-Time Settlement (OTS) scheme aimed at clearing overdue loans of the state's Primary Agricultural Cooperative Societies (PACS). Eligible until March 31, 2026, the scheme provides a crucial respite to indebted farmers and their families.

Under this initiative, farmers who clear the principal amount of their loans will see their outstanding interest waived, resulting in a financial relief of Rs 2,266 crore. This decision impacts over 6.81 lakh farmers and laborers across Haryana and is expected to rejuvenate the state's agrarian economy.

Moreover, the scheme benefits families of 2.25 lakh deceased farmers, offering an interest waiver of approximately Rs 900 crore, contingent on settling the principal. Additionally, eligible farmers can access new loans in three instalments for future crops, optimizing their agricultural productivity.

(With inputs from agencies.)