Yogi Adityanath waives farm loans worth Rs 36,359 crore

Yogi Adityanath waives farm loans worth Rs 36,359 crore

LUCKNOW: Fulfilling its promise of waiving off farmers' loans in its first Cabinet meeting, the BJP government on Tuesday announced a Rs 36,000-crore waiver package for small and marginal famers with a land holding of 5 acre and less.

As per the decision taken at the Cabinet meeting, chaired by Chief Minister Yogi Adityanath, loans of up to Rs 1 lakh taken by 86 lakh of 2.15 crore small and marginal farmers till March 31, 2017, would be waived. Besides, the government will also waive over 7 lakh NPAs, incurring a total expenditure of Rs 36,359 crore.

UP has around 2.30 crore farmers of which 92.5 per cent (2.15 crore) are small and marginal who will stand benefitted with the cabinet decision. The state government will have to bear a burden over around Rs 36,000 crore to repay these loans on farmers' behalf to various banks including cooperative.