Temperature 33.05 C New Delhi, IN
Sunday, May 26, 2024
No Image

Punjab Announces Massive Farm Loan Waiver

Chandigarh: Amid the rising clamour for loan waiver for farmers across the country, Punjab has become the latest entrant to the list of the states which have waived off farmer loans in recent past.


The decision will benefit as many as 10.25 lakh farmers including 8.75 lakh farmers up to 5 acres. According to the estimates it is likely to cost the state exchequer Rs 20,500 crore.


Addressing the state assembly Punjab chief minister Captain Amarinder Singh announced a crop loan waiver of up to Rs 2 lakh for farmers who own up to 5 acres of agriculture land and a flat relief of Rs 2 lakh for all other marginal farmers, irrespective of the loan amount.


According to the CM, the relief provided to the Punjab farmers will be double compared to those provided to Uttar Pradesh and Maharashtra.


Punjab government will also take over outstanding crop loan “from institutional sources” of all families of farmers who committed suicide in the state. It has decided to hike the ex gratia for the kin of the farmers who had committed suicide from the existing Rs 3 lakh to Rs 5 lakh.


Amarinder Singh also announced a series of relief measurers for the farmers including the decision to repeal Section 67 A of the Punjab Cooperative Societies Act, 1961, which provides for auction/kurki of farmers land (auction of mortgaged land).