CM Reddy big decision in the interest of farmers, Loan waiver of Rs 12 thousand crores

India gained independence in August, and this month also brought relief to Telangana's farmers from their heavy debt burden. Chief Minister Sri A. Revanth Reddy announced on Tuesday that, following the waiver of loans up to ₹2 lakh, the agricultural community in the state has experienced significant relief. The Chief Minister highlighted that the state government has demonstrated its commitment to farmer welfare by waiving ₹12,000 crore in loans within just 12 days.

New Record in Debt Waiver:

The Chief Minister stated that a new record has been set by allocating ₹31,000 crore to waive farm loans. No state in the country's history has ever waived such a substantial amount of debt. He emphasized that while political parties usually remember farmers only during election times, today’s action is driven solely by the intent to protect farmers' interests, with no elections or political motives involved.

₹1.50 Lakh Loan Waiver for 6.40 Lakh Farmers:

During the assembly session, Chief Minister Revanth Reddy launched the second phase of the loan waiver scheme, covering loans up to ₹1.50 lakh, at the Assembly premises on Tuesday. Deputy Chief Minister Bhatti Vikramarka, Assembly Speaker Gaddam Prasad, Council Chairman Gutta Sukhender Reddy, Agriculture Minister Tummala Nageswara Rao, state ministers, and MLAs participated in the distribution of cheques to farmers, creating a festive atmosphere throughout the Assembly complex. The Chief Minister announced that loans up to ₹1.50 lakh for all farmers will be waived, with ₹6,198 crore directly deposited into the accounts of 6.40 lakh farmers.

Relief and Fulfilment through Loan Waiver:

Chief Minister Revanth Reddy expressed that his life’s purpose is fulfilled by witnessing the happiness in farmers' lives. Under the farm loan waiver scheme, the government waived loans up to ₹1 lakh in the first installment on July 18, benefiting a total of 11 lakh farmers with ₹6,098 crore in loan waivers. An additional ₹6,198 crore was released in the second installment within 12 days. CM Revanth Reddy reminded that Congress announced its commitment to farmers on May 6, 2022, at Warangal, promising to make agriculture a profitable profession. In line with this promise, the government brought joy to farmers' lives by waiving loans within eight months of coming to power in the state.

Addressing Criticisms and Achievements: The Chief Minister acknowledged that some critics mocked the government’s implementation of the loan waiver scheme amid financial difficulties and others cursed the government. However, his administration managed to mobilize the necessary funds and fulfill the promise of the loan waiver scheme by August. He assured that loans up to ₹2 lakh will be waived within this month.

Financial Management and Government Achievements: The Chief Minister criticized the previous government for mortgaging the state with excessive debt. The Congress government is working to alleviate this debt burden. His government has already paid ₹42,000 crore in interest on ₹7 lakh crore of debt within just eight months. CM Revanth Reddy praised Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka and his team for raising ₹12,000 crore and depositing it into farmers' accounts within 12 days.

The Chief Minister also highlighted the schemes introduced by his government, including free travel for women on RTC buses, Aarogyasri, free power supply up to 200 units, and gas cylinders at ₹500. These initiatives demonstrate the government's commitment to fulfilling the six guarantees announced by Congress during the election.