State Govt Waives Agri-Loan Interest & Provides Crop Loss Compensation for 9K Farmers Under Fasal Bima Yojana

In a significant move aimed at alleviating the financial burden on farmers, the state government of Madhya Pradesh has waived off the bank interest on agri-loans for 9,049 farmers in Indore district. The outstanding debt, amounting to a total of Rs 23.22 crore, had been a cause of concern for these farmers who were unable to repay the loan installments.

The decision to waive off the interest comes as a respite to the farmers, particularly those who suffered crop losses during the Kharif and Rabi seasons of 2021-22. Under the Fasal Bima Yojana, a crop insurance scheme, the affected farmers have also been compensated a total of Rs 120.7 crore, according to senior officials.

P Shankar Lalwani, along with local public representatives, took part in a distribution event held in Indore's Depalpur tehsil, where interest waiver and crop loss compensation certificates were handed out to some of the farmers.

Expressing his gratitude, Jitendra, son of Bapu Singh from Hatod, stated, "I had an agri-loan of around Rs 90,000, and due to nonpayment since 2018, approximately Rs 23,000 of interest had accumulated. With the interest being waived off, my account will now be regularized, enabling me to access fertilizers and other benefits."

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While this initiative is a positive step forward, Bablu Jadhav, the state president of Bhartiya Kisan Majdoor Sena, highlighted that there are still numerous farmers who have defaulted on payments exceeding Rs 2 lakh of agri-loans and are awaiting similar relief measures to help them regularize their accounts.

According to official records, Indore district alone has around 11,000 farmers who have turned into defaulters due to nonpayment of agri-loans exceeding Rs 2 lakh. Jadhav further emphasized that farmers who have suffered crop losses in previous years are yet to be compensated under the Fasal Bima Yojana. He stated, "This year, several areas in Indore and neighboring districts, including Burhanpur, Mandsaur, and Neemuch, have reported crop losses due to hailstorms and thunderstorms, and they are eagerly awaiting the compensation."

The state government's measures to waive off agri-loan interest and provide crop loss compensation reflect a commitment to support farmers in times of financial distress. These efforts aim to revive the agricultural sector and provide necessary assistance to farmers, ensuring their well-being and livelihoods are safeguarded.

As the state government continues its endeavors to address the challenges faced by farmers, it is hoped that additional relief measures will be implemented to assist those in need, thereby fostering sustainable agricultural practices and securing the welfare of farming communities across the region.

source-TOI

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