Telangana CM Revanth Reddy launches farm loan waiver scheme

Hyderabad: Telangana Chief Minister A Revanth Reddy on Thursday launched the farm loan waiver scheme with Rs 6,098 crore being credited, in the first phase, to the bank accounts of farmers, whose loans of up to Rs one lakh would be waived.

Reddy handed over cheques to some farmers at an event held in the Secretariat here and also interacted with some ryots via video conferencing.

The Rs 6,098 crore released to banks would benefit approximately 11 lakh families.

The rollout of the loan waiver scheme would be completed in two other phases.

While crop loans of up to Rs 1.5 lakh would be waived by the end of July in the second phase, those up to Rs two lakh would be dispensed with in August in the third phase.

Speaking on the occasion, the CM said the loan waiver programme is being implemented in three phases with Rs 31,000 crore which would conclude in August.

He alleged that the previous BRS government did not properly implement its promise of farm loan waiver despite being in power for two terms.

The Congress government is paying an interest of about Rs 7,000 crore every month on the Rs seven lakh crore debt made during the BRS regime, he claimed.

He said the Congress government is now rolling out the loan waiver as per the promise made by present Leader of Opposition in Lok Sabha Rahul Gandhi at a public meeting in Telangana in 2022 and later by Congress Parliamentary Party chairperson Sonia Gandhi at a rally in the state 2023. The CM also noted that Rs 29,000 crore has been spent on welfare programmes in the last seven months since his party came to power in December last year.

"Manmohan Singh ji (former PM) carried out loan waiver in 2009 which demonstrates that Congress fulfils what it promises. Some talk about Gujarat model. Today, Telangana model is going to be a model for crores of farmers in the country and the political parties. Telangana is implementing Rs two lakh farm loan waiver in single payment (in contrast to instalments) within eight months after coming to power," he added.

Reddy sought the support of farmers who took part in the event from over 500 places via video conferencing to pass a resolution thanking AICC leaders Mallikarjun Kharge, Sonia Gandhi and Rahul Gandhi on behalf of Telangana farmers which was endorsed by the ryots.

He also said that he would soon visit Delhi and invite Rahul Gandhi to attend a public meeting to be organised in the state this month end to express gratitude to him.