In a major relief to farmers ahead of the next agricultural season, the Telangana government led by K. Chandrashekar Rao gave a nod to release Rs 7,000 crore towards the state-sponsored agriculture investment support scheme, Rythu Bandhu.
State Finance Minister T Harish Rao and agriculture minister Niranjan Reddy announced that over 51 lakh farmers will be benefit from this, with each of them receiving cash assistance of Rs 5,000 per acre of land, reported The Hindu.
Agriculture Minister Niranjan Reddy further said that the amount will be paid for a total land of 1.4 crore acre. Finance minister T Harish Rao said the amount would be credited in farmers’ bank accounts directly and the whole process would be take place over the next 30 days.
The government also sanctioned Rs 1,200 crore for waiving crop loans up to Rs 25,000 for individual farmers.
The report added that Finance minister T Harish Rao asked officials to credit the amount in the bank accounts of 6.10 lakh farmers whose outstanding debt is below Rs 25,000.
For those farmers whose loan amount is beyond Rs 25,000 but doesn’t cross Rs 1 lakh, the government would clear the debt in four installments.
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