Hyderabad: Chief Minister A. Revanth Reddy will launch the second phase of the crop loan waiver at the Legislative Assembly premises on Tuesday. He would waive crop loans of farmers up to Rs 1.50 lakh each in one go. The money will be credited directly to the bank accounts of the farmers.
In the first phase launched by the Chief Minister on July 18 at the Secretariat, crop loans of farmers up to Rs 1 lakh were waived. The government released Rs 6,098 crore in the first phase to waive crop loans of over 11 lakh farmers.
The Congress had, in its manifesto for the Assembly polls in Nov 2023, promised to waive crop loans up to Rs 2 lakh if voted to power.
During the Lok Sabha election campaign of April-May this year, Revanth Reddy promised to implement this promise in full before August 15. He expedited the process soon after the model code of conduct for the polls ended on June 6.
The CM mobilised financial resources for this purpose, which would cost the exchequer Rs 31,000 crore.
Revanth Reddy on Monday promised to waive the loans of the remaining farmers in the range of Rs 1.50 lakh to Rs 2 lakh in the third phase, soon after his return from the US trip. The chief minister will be on a tour of the US and South Korea from August 3 to 11 to attract investments to Telangana.
