Telangana cabinet approves extension of agricultural loan exemption up to 50,000

The Telangana Cabinet, chaired by K Chandrashekar Rao, today approved the proposal to forgo agricultural loans of up to 50,000.

The decision is expected to benefit around six lakh farmers. The Cabinet decided to deposit the amount in the beneficiary’s bank accounts between August 15 and August 31.

The move comes against the backdrop of the state finance department’s presentation of a detailed report on the implementation of the agricultural loan exemption scheme and its status before Cabinet.

With the lockdown caused by Covid and the financial crisis over the past two years, the state government had waived loans of up to 25,000 used by farmers.

It should be recalled that the state government promised to forgo agricultural loans to farmers between April 2014 and December 2018. During the Cabinet meeting, the state of agricultural operations and other matters were discussed. . It was decided to initiate measures to increase cotton cultivation by motivating farmers with the state emerging as a major cotton producer in the country.

The Cabinet also decided to implement the recent announcement made by the Center regarding reservations for economically weaker sections.

The government has finalized plans to further strengthen medical education by commissioning seven medical schools by the next academic year.