AP announces debt cut for farmers

AP announces  debt cut  for farmers

Benefiting 22,79,000 families of Andhra Pradesh, chief minister Nara Chandrababu Naidu announced waiver of loan not exceeding Rs 50,000 taken by farmers from banks between 2007-2013.

The government will also pay 20 per cent of the amount above Rs 50,000 in the first installment this year and the rest will be paid in four installments amounting to Rs 1.5 lakh per family, the cap set by the government for waiver.

“The government has deposited Rs 5000 cr with the Farmers Empowerment Corporation, established to facilitate this waiver programme. We will replenish the fund whenever the need arises,” Chief Minister Nara Chandrababu Naidu said addressing a press conference at his residence on Thursday.

Naidu also said that all the farm and gold loans taken by farmers will be waived by the government by January 22. He further said that the loans taken by Dwacra women, weavers and SC &ST will be also waived in a phased manner.

Earlier, the chief minister met the Cabinet sub-committee to discuss the issue and okayed the guidelines and norms for waiver that include valid Aadhar and ration cards, valid land ownership documents and the first loan application approved by the concerned bank.

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