No plans to forgo agricultural loans, says Center

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Minister of State for Finance – Bhagwat Karad

The Minister of State for Finance told Lok Sabha that no proposals were under consideration to forgo loans from farmers, including farmers from Scheduled Castes and Scheduled Tribes in the country.

With many state governments such as the Punjab recently forgoing loans to farmers, it was speculated that the Central government could also make such an announcement, but the government allowed that there were no proposals to l study to forgo loans from farmers, including caste and annex. tribes.

In a written statement to Lok Sabha, Minister of State for Finance Bhagwat Karad said that the center had not implemented any farm loan exemption program since the “Farm Debt Relief Program and Debt Relief (AWDRS), 2018.

He also said that “there was no proposal under consideration by the Indian government to forgo loans from farmers, including farmers from castes and Scheduled Tribes in the country.”

Karad also listed the main initiatives taken by the government and the Reserve Bank of India to alleviate the debt burden of farmers and the welfare of people engaged in agriculture, including those belonging to castes and tribes. listed.

He also gave examples of diets like interest subsidy for short-term crop loans up to Rs 3 lakh, RBI’s decision to raise the ceiling on unsecured agricultural loans from Rs 1 lakh to Rs 1.6Lakh and direct income support of Rs 6000 per year to farmers under Pradhan Mantri Kisan Sammman Nidhi.

A few days ago, Punjab CM, Amarinder Gill announced the waiver of Rs 590 crore of loans of approximately 2.5 Lakh members of primary agricultural cooperative societies (PACS), thus ensuring relief of Rs 20,000 per member. Checks will be issued at the state level by August 20, 2021.


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