Telangan’s cabinet, chaired by K. Chandrashekar Rao, today approved a proposal to waive crop loans of up to £ 50,000.
This solution is expected to benefit approximately 6,000 farmers. The Cabinet of Ministers decided to credit the amount to the recipient’s bank accounts from 15 to 31 August.
The decision was taken against the backdrop of the submission by the Department of Public Finance of a detailed report on the implementation of the crop loan waiver scheme and its status to the Cabinet of Ministers.
Due to the Covid lockdown and the financial crisis over the past two years, the state government has ditched up to £ 25,000 of loans to farmers.
It should be recalled that the state government has promised to waive the crop loans provided to farmers between April 2014 and December 2018. During the meeting of the Cabinet of Ministers, the status of economic activity and other issues were considered. It was decided to take steps to increase cotton production, motivating farmers by the fact that the state is becoming a major cotton producer in the country.
The Cabinet of Ministers also decided to implement the recent announcement of the Center to reserve economically weaker sections.
The government has completed plans to further strengthen medical education by commissioning seven medical colleges by the next academic year.