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Telangana Govt Unveils ₹2 Lakh Farm Loan Waiver Guidelines for Farmers

Telangana government allocates ₹19,746 crore to agriculture. Unveils initiatives including a crop insurance scheme and guidelines for a farm loan waiver.

Telangana Govt Unveils ₹2 Lakh Farm Loan Waiver Guidelines for Farmers
Telangana Govt Unveils ₹2 Lakh Farm Loan Waiver Guidelines for Farmers

Telangana has unveiled a range of initiatives, that aims at boosting the welfare of its farming community and promoting the growth of agriculture and allied sectors. This commitment was evident in the recent announcement by Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka during the presentation of the 2024-25 interim budget.

Recognizing the risks farmers face due to unpredictable weather patterns, the government announced the implementation of a comprehensive crop insurance scheme. This program, drawing inspiration from the Pradhan Mantri Fasal Bima Yojana (PMFBY), aims to shield farmers against financial losses incurred due to crop failures.

The budget allocated a noteworthy ₹19,746 crore to the agriculture sector, encompassing funds for crucial investment and input assistance to farmers. The specific design of the scheme is currently under development, drawing insights from various successful models implemented in other states.

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The government's latest announcement also includes the formulation of guidelines for a farm loan waiver of up to ₹2 lakh per farmer. This tailored approach ensures the scheme effectively addresses the seasonal challenges unique to Telangana and safeguards the interests of its farmers. The government also acknowledged the significant impact of the problem, where farmer leads to farmer suicides. To address this, a new seed policy is being formulated.

This policy will focus on curbing the sale of such harmful seeds, encouraging quality seed production, and potentially transforming Telangana into the nation's seed capital.

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 The Rythu Bandhu scheme, which provides investment support to farmers before every two crop seasons, will undergo a review to ensure its effectiveness. Additionally, the Rythu Bharosa scheme, aimed at supporting tenant farmers who were previously excluded, will see an increase in assistance from ₹10,000 per acre to ₹15,000 per acre. Beyond financial assistance, the government plans to extend further support to farmhands who play a vital role in the agricultural sector.

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