Chennai, Tamil Nadu: Chief Minister Edapadi K Palaniswami has announced a major decision to waive Rs. 12,110 crore farm loans from cooperative banks to relieve the farmers of the state ahead of the upcoming Assembly election in the state.
CM Palaniswami said, “It is important to help farmers revive farming,” citing crop loss and hardship to farmers due to COVID-19 pandemic, two successive cyclones Nigar and Burevi, and unseasonal rain.
CM mentioned that the waiver will be applicable immediately and funds will be kept aside from the government’s wallet to fund it.
This announcement would be a major help in reviving farming in Tamil Nadu. Agriculture is a dominant sector in Tamil Nadu, around 70 percent of the population is engaged in farming and some related activities in the state for their livelihood as per the state agricultural department website.
AIADMK government said in the state where election to the legislative assembly will be held this year that farm loans taken by over 16 lakh farmers in Tamil Nadu will be waived. Chief Minister KPalaniswami mentioned in the assembly that the total amount to be waived is Rs. 12,110 crore for farm loans taken from cooperative banks.
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