Today is festival for farmers, says Bhatti; Releases Rs 6,190 cr for second phase of crop loan waiver

Speaking on the occasion, Deputy Chief Minister Bhatti Vikramarka Mallu said that soon after Chief Minister Revanth Reddy handed over a cheque to one farmer in this meeting, loan waiver funds would be credited into the accounts of farmers State-wide.

“This programme is an example to show how eager the State government is towards implementing programmes for people’s welfare. This day will be a festival day for farmers as a huge burden would be off their chest,” he said.

By the end of August, the government would waive farmers’ loans upto Rs 2 lakh. Asserting that the Congress government would not be confined to loan waiver alone, Bhatti said that the government would also pay crop insurance premium on behalf of farmers.

The previous government had not implemented the crops insurance scheme and did not care for the hardships of farmers. But the Congress government will be implementing a crop insurance scheme, he announced.

The farmers’ loan waiver programme was started on July 15 this year and in mere three days distributed Rs 6,098.93 crore to 11.5 lakh farmers by July 18. “We started the second phase in the same month today to release Rs.6,190 crore to 5,45,407 families,” he said. Overall in the two phases the government was releasing Rs 12,289 crore to credit it into 17.91 lakh bank accounts of 16.29 lakh families.

The Deputy Chief Minister recalled that when Congress MP Rahul Gandhi discussed the farmers’ loan waiver with the PCC President Revanth Reddy, with me as Congress Legislature Party leader while going to Warangal public meeting in a helicopter and announced the Rs.2 lakh loan waiver for farmers in the Warangal declaration, every one was surprised whether it would be possible. The then ruling party had even heckled the Congress leaders for their promise.

The BRS party, which had promised Rs one lakh loan waiver at one go, earlier could not do so and did it in four installments over a period of four to five years. As a result, the interest burden on loans had increased and farmers could not get any benefit.

When the BRS government could not implement loan waiver properly even though it inherited a rich State, many were skeptical whether the Congress government with so much loan burden left by the previous government would be able to fulfill its promise.

“We have a strong intent and are now making it a reality,” he said. As promised by the Chief Minister before Parliament elections, we are implementing a loan waiver and will complete it before August-end, he said.

Bhatti also stated that under the Rythu Bhima scheme, the government would pay a premium amount of Rs.1580 crore on behalf of 42 lakh farmers. The previous government totally neglected the crop insurance scheme but the Congress government would pay Rs.1350 crore under the scheme.

The government was releasing Rs 31,000 crore through one account to all the banks in the State under the farmers’ loan waiver scheme. It is significant as for the first time in the nation’s and banking history, such a large amount was credited into all the banks simultaneously, he pointed out.

Bhatti said the bankers too with a large heart should cooperate with the farmers and sanction fresh loans immediately. Bhatti, who is also the Finance Minister, thanked the All India Congress Committee, Chief Minister and Cabinet colleagues for giving him the opportunity to take up the massive programme.