Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

Punjab announces loan waiver for small and marginal farmers

19 June, 2017 3:18 PM
34 0
Punjab announces loan waiver for small and marginal farmers

CHANDIGARH: Punjab Chief Minister Captain Amarinder Singh on Monday announced total waiver of entire crop loans up to Rs 2 lakh for small and marginal farmers (up to 5 acres), and a flat Rs 2 lakh relief for all other marginal farmers, irrespective of their loan amount.

Making the announcements during his speech in the Vidhan Sabha, Amarinder said the move would benefit a total of 10.25 lakh farmers, including 8.75 lakh farmers up to 5 acres. The initiative would provide double the relief announced by the states of Uttar Pradesh and Maharashtra, he pointed out. The decision is based on the interim report of the Expert Group, headed by eminent economist T Haque.

Amarinder said his government had also additionally decided to take over the outstanding crop loan from institutional sources of all the families of farmers who committed suicides in the state. It has also decided to raise the ex-gratia for suicide affected families to Rs 5 lakh from the existing Rs 3 lakh.

For debt relief to farmers for loans raised from non-institutional resources, the government has decided to review the Punjab Settlement of Agriculture Indebtedness Act to provide the desired relief to the farmers through mutually acceptable debt reconciliation and settlement, which shall be statutorily binding on both the parties, the lender and the borrower. The government has already constituted a cabinet sub-committee to review this act, he added.

Amarinder proposed that the speaker may constitute a five-member Committee of Vidhan Sabha to visit the families of the suicide victims, ascertain the reasons for suicides and suggest further steps to be taken to check this menace forever.

Announcing the establishment of a Paddy Straw Challenge Fund to stop the practice of crop residue burning by the farmers, the chief minister informed the House that he had already written to the Prime Minister to allow a bonus of Rs 100 per quintal to all those farmers who incorporate the paddy straw in the soil instead of burning it, as the farmers need to be incentivized in this regard.

Also read: Punjab waives farmers’ loans

Source: timesofindia.indiatimes.com

Share in social networks:

Comments - 0