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Loan Update: Big relief to lakhs of farmers, the government waives off loans up to Rs 2 lakh..

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During the assembly elections, the Congress party had promised loan waivers for farmers. Telangana Chief Minister Revanth Reddy on Friday announced a loan waiver of Rs 2 lakh for the farmers of the state. He said, "The cabinet decided to waive agricultural loans up to Rs 2 lakh.

The previous government had waived only Rs 28,000 crore of agricultural loans in its 10-year rule. The previous government had set a cut-off of 11 December 2018 to avail of the agricultural loan waiver scheme."

Chief Minister Revanth Reddy said that the full details of the loan waiver, including its terms and conditions, would be announced later. He said that the loan waiver would cost the state treasury about Rs 31,000 crore. Earlier, the previous BRS government had also announced a similar scheme. The state treasury was burdened with Rs 28,000 crore.

Reddy said in the statement, "The government has decided to waive the loans for the welfare of farmers. The previous government did not fulfill its promise to farmers for ten years. Our government is fulfilling the promise made to farmers within eight months of coming to power in the state."

After the meeting, Reddy also announced the formation of a cabinet sub-committee headed by Deputy Chief Minister Mallu Bhatti Vikramarka to finalize the modalities of farmers' investment support schemes 'Raithu Bharosa'. He said in the statement that the cabinet sub-committee will hold discussions with political parties and other stakeholders and submit its report by July 15.

Let us tell you that earlier this year, Congress MP Rahul Gandhi had promised that farmers' loans would be waived if his party came to power at the Center.

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