Farm Loan Waiver Scheme


Farm Loan Waiver Scheme

The state government of Rajasthan has decided to form a committee to decide on farm loan waiver scheme launch after a long 13 days protest of farmers across the state. The government has established a high-level technical committee which will look into demands of protesting farmers to waive off Rs 50,000 of debt per farmer.This committee will submit its report within a month after complete study of farm loan waiver schemes being implemented in many states like Maharashtra, Uttar Pradesh and Punjab.loan waiver is the waiving of the real or potential liability of the person or party who has taken out a loan through the voluntary action of the person or party who has made the loan. Examples of loan waivers include the Stafford Loan Forgiveness program in the United States and the Agricultural Debt Waiver and Debt Relief Scheme in India.

Objectives

  • To support small and marginal farmers who are in the most vulnerable sections of our society
  • To waive off overdue loans for small farmers
  • Allocation of Rs.8000 crores to implement the scheme
  • Allocation of Rs.384 crores as subsidy
  • To offer interest-free loans of up to Rs.500 crores.

Farm Loan Waiver Scheme
The state government committee will examine all the technicalities before deciding the launch of the scheme. The state government if decided to launch the farm loan waiver scheme may invite online applications form the eligible farmers. The online application forms for Karj Mafi Yojana may be invited through the official website of the state government or a new dedicated portal.
The farm loan waiver schemes are likely to be launched by Rajasthan as well as Madhya Pradesh government before the 2018 assembly elections.
In addition, Rajasthan government is also considering to provide a monthly pension of Rs. 2,000 for those farmers who are above the age of 60 years.

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