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Bankers asked to help debt-ridden farmers

Bankers asked to help debt-ridden farmersChief Minister Y S Jagan Mohan Reddy addressing the State-Level Bankers conference at the Secretariat at Velagapudi on Tuesday
Highlights

Chief Minister Y S Jagan Mohan Reddy appealed to bankers to extend cooperation to farmers as they had suffered heavy loss during the last five years due to drought and mounting debts.

Amaravati: Chief Minister Y S Jagan Mohan Reddy appealed to bankers to extend cooperation to farmers as they had suffered heavy loss during the last five years due to drought and mounting debts.He stressed the need for increasing confidence levels among farmers.

Addressing the 207th State-Level Bankers meeting at the Secretariat on Tuesday, the Chief Minister said that the State government will distribute Rs 12,500 to each farmer under Rythu Bharosa scheme towards investment for taking up cultivation.

He said 50 per cent of farmers each own 1.25 acres in the State. The State government is planning to bear 70 per cent of investment under Rythu Bharosa scheme. He said the bankers should not divert the amount released under Rythu Bharosa to their previous loans.

The Chief Minister released annual credit plan of Rs 2,29,200 crore for the year 2019-20. The annual credit plan includes Rs 1,08,000 crore towards farm credit and Rs 36,000 crore towards micro, small and medium enterprises. The credit plan covers Rs 1,69,200 crore to priority sector and Rs 60,000 crore to non-priority sector.

To improve literacy rate the State government decided to pay Rs 15,000 to each mother for sending her children to school. He said the State government would also provide financial assistance to SC, ST, BC women to improve their living standards. The bankers should distribute the money directly to the beneficiaries.

Referring to the figures showing increase in assistance to agriculture sector every year, the Chief Minister asked the bankers if the figures include the previous loans taken by the farmers. The officials informed him that the figures reflect the old loans along with the interest.

The figures revealed the increasing number of debt-ridden farmers and members of DWCRA groups. The Chief Minister questioned the bankers if the previous government paid the interest on loans.

He said the previous government promised to waive farm loans to the tune of Rs 87,612 crore but cleared loans only worth over Rs 15,000 crore. As a result, farmers were caught in debt trap and several farmers narrated their plight during his Padayatra.

He said while the farmers paid interest on loans worth Rs 7,000 crore to 8000 crore per annum, the TDP govt failed to release not more than Rs 3,000 crore per annum.The loans taken by DWCRA groups which stood at Rs 14,204 crore in 2014 increased to Rs 27,451 crore by 2019.

The Chief Minister said that the State government would provide assistance of Rs 1,700 per quintal on Bengal gram in Rayalaseema region.Deputy Chief Minister P Subhashchandra Bose, Ministers P Ramachandra Reddy, B Rajendranath and K Kannababu, SLBC convener KV Nancharaiah, SLBC president J Pachiriswamy, RBI, Hyderabad Regional Director Subrat Das, Nabard Chief General Manager S Selvaraj, Chief Secretary L V Subrahmanyam and other officials were present.

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