Telangana announces loan waiver up to Rs 75,000

Hyderabad: Although the promise of waiver of agricultural loans up to Rs 50,000 made in the current financial year is not yet fulfilled, the government of Telangana has again announced the waiver of loans up to Rs 75,000 contracted by farmers with the planned financial institutions.

Presenting the 2022-2023 budget proposals to the Assembly, Finance Minister T Harish Rao said loans up to Rs 50,000 would be canceled by the end of March. Also, in the next financial year, loans up to Rs 75,000 would be cancelled, he said, adding that after the formation of the state, an amount of Rs 16,144 crore of outstanding loans of 35.32 lakh farmers had been cancelled. In the second round of loan waiver, the government waived loans from 5.12 lakh farmers. “Even though the attitude of the Center is against the farming community, the TS government makes no compromise when it comes to the interests of the farmers. dramatic transformation in the rural areas. Migration for labor has stopped. In fact, labor from other states comes to Telangana to work in the farms,” the minister said. He further added that in 2013-2014, the growth of agriculture and related sectors in Telangana was only 4.0% at constant prices.Due to the proactive measures taken by the government of Telangana, the growth increased to 29.0 % by 2019-2020, he informed.

“As far as the development of agriculture is concerned, the rural economy has become strong. Of the state’s GDP, more than 20% is now contributed by the primary sector. This is a clear indication of the change in the areas In the budget, an amount of Rs 24,254 crore is proposed for agriculture and related sectors, he added.

Cotton production has increased significantly in the state. When the state was formed, the total amount of cotton produced was 18.45 lakh tons. Today, it has risen to 31.60 lakh tons. As the cotton produced in Telangana is of good quality, there is excellent demand in the international market for the same, Harish asserted.

The government has also prioritized the production of palm oil. In 2022-2023, the oil palm cultivation target is 2.5 lakh acres. The expense for the same is Rs 1,000 crore. Telangana is the only state in the country to encourage oil palm cultivation on such a large scale, he said, calling on farmers in Telangana to use the program on a large scale and start growing the palm. oil.

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