Maharashtra CM Devendra Fadnavis announces farm loan waiver of Rs 34,000 crores; 89 lakh farmers to be benefitted

Maharashtra Chief Minister Devendra Fadnavis on Saturday said that the government decided on loan waiver of Rs 34,000 crores. Fadnavis said that they are waiving loans upto Rs 1.5 lakhs completely.

"Those farmers who have paid back their loans regularly, we will give 25% loan return benefit to them. Aware that the burden will fall on us, will cut our expenses. All ministers and MLAs will give 1 month salary to support loan waiver," said Deevendra Fadnavis.

As per estimates, 89 lakh farmers in the state are going to be benefitted by the decision. Decision of loan waiver is all set to reflect upon the 7/12 land extract of almost 90% farmers.

This loan waiver scheme is named as Chhatrapati Shivaji Maharaj Krishi Samman Yojana. The cut-off date for the loan waiver scheme is June 30, 2016.

Named after Maratha warrior king Shivaji Maharaj, the programme will benefit 89 lakh farmers and make 40 lakh agriculturists debt-free, Fadnavis said.

Farmers in many parts of Maharashtra were on a warpath early this month, which disrupted supply of vegetables and other essentials to cities, including Mumbai.

They were demanding a loan waiver, which was backed by all political parties. The stir was called off after the government gave them a firm assurance on brining in a comprehensive scheme to help the debt-pressed cultivators.

Also read: Congress demands farm loan waiver in Uttarakhand Assembly on lines of Uttar Pradesh

Also read: Maharashtra govt announces loan waiver, to form committee to decide criteria; farmers call off protests