Telangana Govt Introduces ₹2 Lakh Farm Loan Waiver for Farmers

The Telangana government earmarks ₹19,746 crore for agriculture, introducing initiatives such as a crop insurance scheme and guidelines for a farm loan waiver.

Telangana Govt Introduces ₹2 Lakh Farm Loan Waiver for Farmers

The Telangana government has launched several measures to improve the welfare and growth of the farmers and the agriculture sector in the state. The Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka revealed these initiatives in the 2024-25 interim budget speech.

One of the key measures is a comprehensive crop insurance scheme, which is inspired by the Pradhan Mantri Fasal Bima Yojana (PMFBY). This scheme will protect the farmers from financial losses due to crop failures caused by unpredictable weather conditions.

The government has also allocated a significant amount of ₹19,746 crore to the agriculture sector, which includes funds for essential investment and input support to the farmers. The government is working on the specific design of the scheme based on the best practices from other states.

Another important measure is the guidelines for a farm loan waiver of a maximum ₹2 lakh per farmer. This measure will address the seasonal challenges faced by the farmers in Telangana and ensure their interests are safeguarded. The government has also recognized the problem of farmer suicides due to harmful seeds and is working on a new seed policy.

This policy will aim to prevent the sale of such seeds, promote quality seed production, and make Telangana the seed capital of the country.

The government will also review the Rythu Bandhu scheme, which gives investment support to the farmers before every two crop seasons, to make it more effective. Moreover, the Rythu Bharosa scheme, which supports tenant farmers who were left out earlier, will see an increase in assistance from ₹10,000 per acre to ₹15,000 per acre. The government will also provide additional support to the farmhands who are an integral part of the agriculture sector.