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Maharashtra announces Rs 34,000 crore farm loan waiver

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Updated: 09:56 GMT, Jun 25, 2017 | Published: 09:44 GMT, Jun 25, 2017 |
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Devendra Fadnavis-led Maharashtra government announced a major farm loan waiver package of Rs 34,000 crore.

In a big relief to the farmers in the state, Chief Minister Devendra Fadnavis announced a scheme that will see debt of up to Rs 1.5 lakh per farmer being written off.

“We are waiving loans of up to Rs 1.5 lakhs completely. And those farmers who have paid back their loans regularly, will give 25 per cent loan return benefit to them,” Fadnavis said while addressing a press conference.

He also said that all state ministers and MLAs will give one month salary to support farmers loan waiver. “We are aware that the burden will fall on us. We will cut our expenses. All the ministers and MLAs will give their one month salary to support the farm loan waiver,” he added.

Named after Maratha warrior king Shivaji Maharaj, the programme will benefit 89 lakh farmers and make 40 lakh agriculturists debt-free, Fadnavis said.

At least thirty one lakh farmers with overdue loans and another 35 lakh who have not defaulted on their loans but have pending loans in the current fiscal, will be eligible for a waiver of up to Rs 1.5 lakh.