After dilly-dallying for almost a month The Andhra Pradesh Government on Monday approved a massive loan rescheduling cum waiver scheme for farm sector, weavers and women self help groups.Chandrababu announced the procedure of loan waiver scheme and said that his government will be waiving off the loans up to 1.5 Lakhs to each family which includes crop loans and gold loans.
The government will make sure each family will get only 1.5 Lakhs benefit irrespective of any number of accounts and loans the family possess.The waiver will also be extended to families those who already repaid the loans.
“The waiver also includes the gold loan taken by the farmers for agricultural purposes but the maximum limit for the each family will be Rs 1.5 lakh.This is a daring decision taken by our government for the welfare of distressed farmers in the state.We are financially in dire straits but we will honour our commitment by any means,” chief minister N.Chandrababu Naidu said
The CM also added that each DWACRA group will be paid one lakh as corpus fund and he also announced to waive off the loans of Weavers in principle but said the details are yet to arrive.
The State Chief Minister N Chandrababu Naidu said this will entail a financial commitment of up to Rs.45, 000 crore.The Kotayya Committee formed to study and finalize the terms of Loan Waiver had submitted its final report to CM yesterday.
Based on committee report Chandrababu finalized the guidleines of loan waiver scheme.
P.Kotaiah submitted its report to Naidu suggesting a limit of Rs.1 lakh for each family but the cabinet decided to enhance the cap to Rs.1.5 lakh.This (hike in cap) is likely to increase the financial burden by Rs.8,000 crore on the state.The committee has recommended selling of Red Sander reserves with the government and issue of bonds for accumulating money for the waiver.
