The Maharashtra government has announced a farm loan waiver scheme to ease the financial burden on farmers. The programme, estimated to cost Rs 35,000 crore, will waive up to Rs 2 lakh for defaulters while offering Rs 50,000 assistance to farmers who regularly repay their loans
The move will help lakhs of farmers struggling with debt. Representation pic/iStock
In a major relief for the farming community, the Maharashtra government has announced a farm loan waiver, fulfilling a key promise made during the 2024 Assembly election campaign. The move is expected to benefit lakhs of farmers across the state and ease the financial burden on those struggling with loans.
Cost of waiver
The scheme is expected to cost the government around Rs 35,000 crore, based on estimates from the previous loan waiver programme.
Beneficiary numbers
According to a rough estimate, nearly one crore farmers in Maharashtra have farm loan accounts. Of these, around 30 lakh farmers are likely to fall in the defaulter category, making them potential beneficiaries of the waiver.
The scheme
Farmers who have defaulted will get a waiver of up to Rs 2 lakh, while those who have been regularly repaying their loans will receive Rs 50,000 as financial assistance. The loan waiver is expected to cost around Rs 20,000 cr, while the incentive for regular payers will cost about Rs 15,000 cr.
Implementation
The final details of the scheme, including which farmers would be eligible, the exact financial burden on the state, and the implementation plan, are expected to be clear in about a month. A committee appointed by the government is currently working on the details and will submit its report prior to final policy approval.
Rs 35,000 cr
Estimated expenditure to state government for loan waivers
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