Tamil Nadu Chief Minister Edapadi K Palaniswami on Friday announced a significant decision to waive Rs 12,110 crore worth of farm loans from cooperative banks to help farmers of the state. His decision of waiving off the farm loans comes months ahead of the upcoming assembly election in the state.
This is definitely a huge boost to farmers. CM Palaniswami said that 16.43 lakh farmers will be benefited from the farm loan waiver and declared that the decision was taken as farmers suffered enormous losses due to Cyclone Nigar and Burevi and also due to the coronavirus pandemic.
The Chief Minister said that loans of about Rs 12,110 crore taken by farmers from co-operative banks would be waived. The CM had earlier announced a compensation of Rs 1,117 crore for crops damaged by unseasonal rains across the state. About 11 lakh farmers have benefited from this.
The incessant rains in Tamil Nadu have led to heavy crop damage. The state received 708 per cent more rainfall compared to normal levels last year. Farmers across the state are terrified by the rains during the harvest season.