Telangana Deputy CM Bhatti Vikramarka Mallu Announces Rs 31,000 Crore Loan Waiver for Farmers
Telangana Deputy Chief Minister Bhatti Vikramarka Mallu has instructed that the funds released for farmers’ loan waivers should be used exclusively for that purpose. He emphasized that farmers should not be inconvenienced at any cost.
Details of the Loan Waiver
Speaking at a meeting with bankers, Bhatti announced that Rs 31,000 crore would be released before the end of August for farmers’ loan waivers. On Thursday at 4 pm, over Rs 6,000 crore would be released under the loan waiver scheme for over 11 lakh farmers. The second installment would be released in July to cover farmers with loans up to Rs 1.5 lakh, and later, loans of farmers up to Rs 2 lakhs would be addressed.
For farmers with loans over Rs 2 lakh, bankers should recover the excess amount and utilize the Rs 2 lakh released by the government to ensure no farmer owes a loan to the bank.
Historical Decision
Bhatti described the loan waiver as a historical decision, noting that no state government had waived farmers’ loans to the tune of Rs 31,000 crore before. He recalled that before coming to power, he and Revanth Reddy had promised this loan waiver during their election campaign.
The state government will deposit Rs 31,000 crore in 40 lakh bank accounts, marking the first time in Indian banking history that such a huge amount would be recovered in one go. Bhatti pointed out that even in the corporate banking sector, such a large recovery had never been achieved.
Future Plans and Celebrations
Bhatti, who is also the Finance Minister, disclosed that the state government would introduce more programs for the development of the agriculture sector. He highlighted that the agriculture sector contributed 16.5 percent to the state’s GDP and that over 45 percent of people depended on it.
He directed bankers to immediately sanction loans to farmers for their future needs after crediting the funds from the loan waiver. Bhatti suggested that the Lead Bank should play a supportive role and urged bankers to celebrate the loan waiver at their premises and provide extensive publicity for the program.
Doubts Revealed
Telangana -: Telangana is a state in southern India. It was formed in 2014 when it separated from Andhra Pradesh.
Deputy CM -: Deputy CM stands for Deputy Chief Minister. This person is the second-highest-ranking official in a state government, just below the Chief Minister.
Bhatti Vikramarka Mallu -: Bhatti Vikramarka Mallu is a politician in Telangana. He is currently serving as the Deputy Chief Minister of the state.
Rs 31,000 Crore -: Rs 31,000 Crore is a large amount of money. In Indian currency, ‘Rs’ stands for Rupees, and ‘Crore’ means ten million. So, Rs 31,000 Crore is 310 billion Rupees.
Loan Waiver -: A loan waiver means that the government forgives the money that farmers owe to banks. This helps farmers who are struggling to pay back their loans.
Farmers -: Farmers are people who grow crops and raise animals for food. They are very important for providing food to everyone.
Bankers -: Bankers are people who work in banks. They help manage money, give loans, and provide other financial services.
GDP -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a state or country. It shows how well the economy is doing.
Agriculture Sector -: The agriculture sector includes all activities related to farming and growing crops. It is a crucial part of the economy, especially in states like Telangana.
