Hyderabad: The state government has mobilised funds to complete the crop loan waiver scheme on August 15, raising an additional Rs 3,000 crore through auction of bonds by the Reserve Bank of India on Tuesday.
Chief Minister A. Revanth Reddy, is expected to release Rs 10,000 crore at a farmers' rally at Wyra in Khammam district, to waive loans for farmers with outstanding debts between Rs 1.5 lakh and Rs 2 lakh.
The RBI sale of bonds was part of a broader effort, which includes the mobilisation of Rs 3,000 crore on August 6 and another Rs 3,000 crore on August 13, alongside Rs 4,000 crore generated from the state's own tax and non-tax revenues.
The crop loan waiver has been a key promise in the Congress' manifesto for the Assembly elections, where it pledged to waive loans up to Rs 2 lakh at one go. During the recent Lok Sabha elections campaigning, Revanth Reddy promised to waive crop loans of farmers by August 15.
On July 18, the government released Rs 6,034.97 crore to waive loans for 11.5 lakh farmers with debts up to Rs 1 lakh each. The second phase followed on July 30, with Rs 6,190.01 crore allocated to cover loans for 6.4 lakh farmers with debts up to Rs 1.5 lakh each.
The final phase, expected to cost Rs 10,000 crore, will bring the total funds disbursed under the scheme to over Rs 22,000 crore, completing the government's commitment to the farmers.
