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TS govt waives farm loans up to Rs 1 lakh
TS govt waives farm loans up to Rs 1 lakh, Telangana government on Tuesday issued orders, waiving farm loans up to Rs 1 lakh in the State. The government has decided to go ahead and implement its electoral promise, though the Reserve Bank of India has not yet approved of the proposal to reschedule the loans.
- Not known if it applies to gold loans for agri purpose
- Govt taking up with RBI loan issue across the State
- RBI approved loan rescheduling only in 100 mandals
Hyderabad: The Telangana government on Tuesday issued orders, waiving farm loans up to Rs 1 lakh in the State. The government has decided to go ahead and implement its electoral promise, though the Reserve Bank of India has not yet approved of the proposal to reschedule the loans.
Though the government has issued the GO, it has been marked in the category of confidential. The CMO has refused to divulge any further details except that the government would waive off loans up to Rs 1 lakh and that this decision was endorsed by the state cabinet which met here on Monday evening.
In fact, the CMO said that whatever the amount of loan a farmer had taken, the government would subsidise it to the extent of Rs 1 lakh. The scheme will be applicable only to the loans taken by the farmers during the 2013-14 fiscal. This would include even the interest component. It is not known whether the loans taken by hypothecating gold would be eligible for waiver scheme or not. KCR had in the past announced that the scheme would be applicable to the gold loans as well.
According to sources, the government has marked the GO as confidential since it wants to negotiate with the RBI for rescheduling of the loans. So far, the RBI has agreed to loan rescheduling in about 100 mandals only. The estimated burden on the state government would be to the tune of Rs 19,000 crore.
Meanwhile, the government has sent Finance Secretary to Mumbai to discuss the mater with RBI regarding loan rescheduling in various districts in view of widespread damage to crops in the last five years due to drought conditions, untimely rains and hailstorms.
Official sources pointed out that they are still in the process of convincing the RBI with the help of technical data on crop loss suffered by farmers during 2013-14 due.
