Maharashtra Studying UP Farm Loan Waiver Model: Chief Minister Devendra Fadnavis
The Maharashtra government will study and assess the Rs 36,359-crore Uttar Pradesh farm loan waiver model, Chief Minister Devendra Fadnavis said.
Fadnavis has instructed state finance minister Sudhir Mangatiwar to study how the UP loan waiver is being financed, he told the Maharashtra legislative assembly during the Budget session on Wednesday. There are no two views about helping farmers in distress, he said, adding that his government's approach is to get farmers out of debt and make them creditworthy.
I assure members that like them (UP), the state government will stand with its farmers.Devendra Fadnavis, Chief Minister, Maharashtra
The Yogi Adityanath-led Bharatiya Janata Party (BJP) government in UP will issue Kisan Rahat Bonds to raise funds to finance the waiver, which was the party's key election promise. Multiple states have seen similar demands since the party's landslide victory in the state.
Since 2014, around 8,000 drought-hit farmers have committed suicide in Maharashtra while another 31 lakh are on the verge of defaulting on their loans, according to the state's estimates. Last month, the Maharashtra assembly witnessed an uproar as the ruling BJP's alliance partner Shiv Sena and the Opposition demanded a farm loan waiver. The state government presented an “agriculture-centric” budget but didn't announce a waiver.
Maharashtra's cooperation department estimates that a farm loan waiver would add a burden of Rs 22,000 crore on the exchequer.
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