Tamil Nadu Chief Minister Vijay on Wednesday announced a full waiver of cooperative crop loans up to Rs 75,000. The decision is set to benefit 14.43 lakh farmers across the state and will entail an additional expenditure of Rs 5,932 crore for the state government. The government stated that this move would provide significant relief to the farming community.
This announcement comes as a major step in supporting the agricultural sector, which has been facing financial challenges. The waiver covers loans taken through cooperative banks and societies, ensuring that small and marginal farmers are not burdened by debt. The CM emphasized that the government is committed to the welfare of farmers and will continue to implement schemes that boost rural economy.
The waiver is expected to inject liquidity into the rural economy, enabling farmers to invest in the upcoming cropping season. Opposition parties have welcomed the move but questioned the timing, given the state's fiscal constraints. However, the government maintains that the expenditure is justified to alleviate farmer distress.
