Telangana CM Revanth Reddy Promises Massive Loan Waiver for Farmers

Telangana's Chief Minister Revanth Reddy announced that the state government would waive crop loans up to Rs two lakh, starting with Rs one lakh on July 18. The process aims to relieve farmers of their financial burdens. The initiative, fulfilling a campaign promise, allocates Rs 31,000 crore for loan waivers.

In a significant announcement, Telangana Chief Minister A Revanth Reddy stated on Wednesday that his government plans to waive crop loans of up to Rs one lakh, beginning July 18. Addressing a gathering of ruling Congress MLAs, MLCs, MPs, and other leaders, he mentioned that this action is part of the state's broader Rs two lakh farm loan waiver commitment. The money will be credited to farmers' accounts in phases, contingent on the loan size.

On Thursday, an estimated Rs 7,000 crore will be transferred to the accounts of farmers whose loans of up to Rs one lakh are being waived, said the Chief Minister. He further explained that by the end of July, crop loans up to Rs 1.5 lakh would also be waived, with the loan waiver process culminating in August for loans of up to Rs two lakh.

Chief Minister Reddy emphasized the Congress government's dedication to freeing farmers from the overwhelming burden of loans, a task the previous BRS government under K Chandrasekhar Rao failed to accomplish. He highlighted that this loan waiver is unprecedented in scale, with Rs 31,000 crore earmarked for the initiative, outpacing any similar efforts in other states. The CM also recalled that Leader of Opposition Rahul Gandhi had promised the Rs two lakh loan waiver during a 2022 meeting in Telangana, which the Congress government is now obligated to fulfill. Reddy, also the PCC president, urged party members to communicate the government's efforts to the people, aiming to position Telangana as a role model in agricultural reforms.

(With inputs from agencies.)