Chennai, Aug 17 (SocialNews.XYZ) Tamil Nadu Chief Minister C. Joseph Vijay on Monday announced an expansion of the cooperative farm loan waiver scheme, committing an additional Rs 953.06 crore to provide greater financial relief to farmers across the state.
Making a statement under Rule 110 in the Assembly, Vijay said agricultural loans of up to Rs 75,000 obtained from cooperative institutions would be waived completely.
Farmers with outstanding loans ranging from Rs 75,000 to Rs 1 lakh would receive a waiver of up to Rs 75,000. For loans exceeding Rs 1 lakh, the government would continue to provide relief up to a maximum of Rs 35,000.
The revised benefits are expected to extend additional assistance to more than 1.38 lakh farmers.
The Chief Minister said agriculture remained the backbone of Tamil Nadu’s economy and that the prosperity of the state and the country depended heavily on protecting the interests of farmers.
The government had decided to expand the scheme despite the financial constraints confronting the state, he added.
Soon after assuming office in May, the TVK government announced the waiver of cooperative agricultural loans up to Rs 50,000. The initial measure was implemented within 15 days of the government taking charge. The relief package was subsequently widened to provide higher benefits to farmers with larger outstanding loans. The government had earlier extended full waivers for eligible loans up to Rs 75,000 and relief of Rs 35,000 for loans above that limit.
Vijay said the latest decision followed consultations held with representatives of farmers’ organisations on August 7. During the meeting, the unions sought additional assistance for cultivators struggling to repay cooperative loans amid rising input costs and other financial pressures.
The government examined their demands along with the financial implications and the Reserve Bank of India guidelines governing the timely settlement of dues owed to cooperative banks before finalising the revised package.
With the additional allocation, the total financial value of the cooperative farm loan waiver programme will rise to about Rs 6,220 crore. The government estimates that nearly 13.34 lakh farmers will benefit from the overall scheme. Vijay said the enhanced assistance demonstrated the government’s commitment to strengthening the agricultural sector and protecting farming families, even while Tamil Nadu was managing considerable fiscal challenges.
Source: IANS
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