In a landmark decision, Telangana Chief Minister Revanth Reddy has announced a substantial loan waiver scheme for farmers, fulfilling a key election promise made by Congress leader Rahul Gandhi. This initiative aims to alleviate the financial burden on farmers and invigorate the agricultural sector in Telangana.

Key Highlights of the Loan Waiver Scheme:

1. Scope and Phases:
   • The scheme will waive loans up to Rs 2 lakh for farmers in the state.
   • It will be executed in phases, starting with the waiver of loans up to Rs 1 lakh by the end of July.
   • The process will culminate in August with the waiver of loans up to Rs 2 lakh.
2. Financial Commitment:
   • The total cost of the loan waiver scheme is estimated at Rs 31,000 crore.
   • This initiative is one of the largest of its kind in Telangana’s history, aiming to benefit approximately 4.7 million farmers.
3. Implementation Strategy:
   • A committee has been formed to oversee the implementation of the loan waiver. This committee includes key ministers such as Bhatti Vikramarka (Minister for Finance), Tummala Nageswara Rao (Minister for Agriculture), and Ponguleti Srinivas Reddy (Minister for Revenue).
   • The committee will ensure transparency and effective execution of the scheme and will submit its recommendations by July 15.
4. Historical Context and Commitment:
   • This loan waiver is seen as a continuation of the promises made during the Warangal Farmer’s Declaration in May 2022 by Rahul Gandhi.
   • Previous governments had implemented loan waivers totaling Rs 28,000 crore, but this scheme surpasses those efforts in scale and scope.
5. Political and Social Impact:
   • CM Revanth Reddy has urged party members to actively communicate this achievement to the public.
   • He emphasized the Congress party’s dedication to supporting farmers and transforming agriculture into a celebrated occupation rather than a burdensome task.
6. National Discussion and Future Plans:
   • The CM directed MPs to discuss the loan waiver at the national level and bring it up in Parliament sessions.
   • Beyond the loan waiver, the government is planning comprehensive support measures for farmers, including the ‘Rythu Bharosa’ (Farmer’s Assurance) scheme.

Telangana Government launch Rs. 2 Lakh Farmer Loan Waiver with Initial Rs. 7-8 thousand Crore Funding, It’s here

Conclusion

The Rs 2 lakh loan waiver announced by CM Revanth Reddy marks a significant milestone in Telangana’s agricultural policy. It not only addresses the immediate financial distress of farmers but also sets the stage for sustainable agricultural reforms. This initiative reflects the Congress party’s commitment to fulfilling its promises and supporting the farming community, potentially serving as a model for other states in India.