Telangana Government Completes Third Phase of Crop Loan Waiver Ahead of Schedule
Hyderabad, August 14, 2024
In a significant move towards fulfilling its election promise, the Telangana government, led by Chief Minister A. Revanth Reddy, has successfully implemented the third phase of its crop loan waiver scheme ahead of schedule. The government had pledged to waive crop loans up to Rs. 2 lakh by August 15, 2024, and has now completed this ambitious initiative a day before the deadline.
Record Allocation for Farmers
The Telangana government has set a new benchmark by allocating a staggering Rs. 31,000 crore to waive the loans of 32.50 lakh farmers. The loan waiver process began on July 15, 2024, with funds being deposited in farmers’ accounts within just three days of the scheme’s launch.
Phased Implementation
The first installment of the loan waiver was executed on July 18, 2024, targeting farmer families with loans up to Rs. 1 lakh. The government released Rs. 6,034.97 crore, benefiting 11,14,412 farmers. The second phase followed on July 30, 2024, covering loans ranging from Rs. 1 lakh to Rs. 1.50 lakh, with Rs. 6,190.01 crore deposited into the accounts of 6,40,823 farmers.
This rapid implementation has led to over Rs. 12,000 crore being distributed to 17.55 lakh farmers within just 12 days—a historic achievement for Telangana.
Third Installment: Final Phase of Loan Waiver
On August 15, 2024, Chief Minister Revanth Reddy, along with Deputy CM Bhatti Vikramarka and Agriculture Minister Tummala Nageswara Rao, will officially complete the third phase of the loan waiver in a public event in Vaira, Khammam district. This final installment will cover crop loans ranging from Rs. 1.50 lakh to Rs. 2 lakh, with funds being directly deposited into the farmers’ bank accounts.
Future Plans for Loan Waiver
In addition to this, the government has announced plans to address loans exceeding Rs. 2 lakh in future installments. The administration will also resolve issues related to non-waived loans due to ration card discrepancies, bank account errors, or incorrect Aadhaar details.
This decisive action reaffirms the Telangana government’s commitment to supporting its farmers and fulfilling its electoral promises.
