Tamil Nadu CM C Joseph Vijay announces full waiver of coop farm loans upto ₹75,000

Chief Minister C Joseph Vijay of Tamil Nadu announced a comprehensive waiver of cooperative farm loans up to ₹75,000 on Monday. This additional waiver will cost the state exchequer ₹953.06 crore and will benefit approximately 13.34 lakh farmers. The move follows a similar announcement made on May 25, waiving crop loans of up to ₹50,000 for marginal, small, and other farmers.

The CM emphasized that farmers are the backbone of the nation and that agriculture is a profession that transcends all distinctions. The government, despite financial constraints, took swift action within 15 days of assuming office to waive loans up to ₹50,000 on May 25. Subsequently, on June 19, the scheme was revised to extend the waiver to loans up to ₹75,000 for 2,38,264 farmers who took loans between ₹75,000 and ₹1 lakh, offering a maximum waiver of ₹75,000.

This initiative will result in an additional financial burden of around ₹953.06 crore on the government.