Telangana Chief Minister K Chandrasekhar Rao today issued orders here today waiving off crop loans up to Rs 1 lakh in the state. The Cabinet Sub-Committee, headed by Telangana Agriculture Minister Pocharam Srinivasa Reddy, constituted to finalise modalities for farm loan waiver submitted its recommendations to the Chief Minister, who approved the recommendations.The CM has announced that loans to the tune of about Rs 17,000 crore would be waived off. Hoping that the decision would be a big relief to the farmers in Telangana, Rao said that Rs 4,250 crore would be released immediately in the first installment, the release said.
The decision was taken quickly or else farmers would have lost the opportunity to avail of crop insurance if they cannot avail of fresh loans by this month-end, the release said. The Cabinet Sub-Committee is scheduled to meet bankers tomorrow in the wake of the Telangana government taking a final decision on farm loan waiver, the release said.
