Mumbai: The Maharashtra chief minister Devendra Fadnavis has announced on Saturday to waive off farm loan worth Rs.34000 cr.
Those farmers who had paid off loans would also benefit and they would get an incentive in form of a grant of Rs 25,000 or 25 per cent, whichever is lesser. Chief Minister Devendra Fadnavis said that the state would cut down expenses to deal with the burden.
The ministers and legislators would contribute one month of their salary to the scheme, the Chief Minister said.
Fadnavis said that the state would not be able to completely pay off the farmers loans owed to the banks in one go and hence would initiate talks with the banks for a staggered payment. "Even the current loan waiver is very hard for us, it is the biggest loan waiver in the country".
According to Fadnavis, the waiver will help all debt-ridden farmers and small and marginal ones entirely. The discussion between the ministers was mainly based on the loan waiver and the decision to extend a fresh crop loan of Rs 10,000 that has already been enforced in Maharashtra through national, commercial and district central cooperative banks from June 22. "We are waiving loans upto Rs 1.5 lakhs completely", Fadnavis said.
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The southern Indian state will spend Rs 8,167 crore to extend the benefit of crop loan waiver to around 22.27 lakh farmers in the state.
The loan scheme has been named after the revolutionary Maharashtrian king and leader Shivaji Maharaj.
The BJP-led government in Maharashtra agreed to waive farmers' loans after protests by farmers' outfits in various parts of the state.
The stir was called off on June 11 after the state government gave a firm assurance on brining in a comprehensive scheme to help the debt-pressed cultivators.
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