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Maharashtra CM Devandra announces 34,000 crore crop loan waive for its farmers

New Delhi: In the wake of rising revolt of farmers against the Government demanding loan waive, Maharashtra CM Devendra Fadnavis on Saturday announced Rs 34,000 crore crop loan waive for farmers in the state.

He said this would benefit around 89 lakh farmers of which 40 lakh farmers will be debt free and that the Government has also decided to waive off loans up to 1.5 lakhs completely. The move comes after the Cabinet has given its approval for the decision.

He said, “Those farmers who have paid back their loans regularly, we will give 25 per cent loan return benefit to them. We are aware of the burden that will fall on all cabinet ministers, they will cut our expenses. All ministers and MLAs will give one month salary to support loan waiver”.

CM Devendra stated this is the first ever and the biggest loan waiver to mark history in Maharashtra adding to which he said the Government will also come up with plans for tie ups with the banks to deal with the financial burden, which it plans to pay back in installments in the next four years, Indian Express reported.