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LATEST NEWS UPDATES | Yogi waives farm loans up to Rs. 1 lakh -Omar Rashid

Yogi waives farm loans up to Rs. 1 lakh -Omar Rashid

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published Published on Apr 5, 2017   modified Modified on Apr 5, 2017
-The Hindu

The UP govt will also settle around Rs. 6,000 crore of NPAs of 7 lakh small and marginalised farmers.

Lucknow:
The Yogi Adityanath-led BJP government in Uttar Pradesh, at its first Cabinet meeting on Tuesday, announced its decision to waive farmers’ loans worth Rs. 30,729 crore, writing off all farm loans up to Rs. 1 lakh.

The government will also settle around Rs. 6,000 crore of NPAs of seven lakh small and marginalised farmers, to whom the banks had stopped issuing loans, through a one-time payment

The double decision, a major promise made as part of the BJP’s poll campaign, will benefit over 86 lakh small and marginalised farmers, who had taken loans until March 31, 2016. The total cost to the State exchequer will amount to Rs. 36,000 crore.

The decisions were passed in the first cabinet meeting called by the Chief Minister. Cabinet ministers Shrikant Sharma and Sidharth Nath Singh briefed the media about the decisions.

The decisions are expected to be passed in the forthcoming Budget Session. Sidharth Nath Singh described the first cabinet meeting as the “beginning of the Sankalp Patr agenda implementation.”

The government also said that all farmers having up to 5 acre land will be counted as small farmers, while those with 2.5-acre land will be categorized as marginalised farmers. Along with it, the State would also set up 5000 centres for wheat procurement and would start of by purchasing 40 lakh metric tonnes of wheat at a rate of Rs 10 per more than the minimum support price per quintal.

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The Hindu, 4 April, 2017, http://www.thehindu.com/news/national/other-states/yogi-waives-farm-loans-up-to-rs-1-lakh/article17818822.ece?homepage=true


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