MP to waive recovery of farm loans

Jan 28, 2011 |

Age Correspondent

Bhopal

Finding itself pushed to the wall on the issue of rising incidence of suicide by farmers, the Madhya Pradesh government has decided to waive recovery of revenue for the year 2011 from all the account-holder farmers, who have lost more than 25 per cent of their rabi crop due to extreme cold wave and frost.

Till now, the state government has released an amount of over `200 crores as part of its relief initiative to offset the loss suffered by farmers. The state government has also issued the orders to suspend recovery of loans, grant waiver of interest on farm loans for a year, and to reduce the rate of interest on agricultural loans from 12 per cent to three per cent even on two year old loans.
A Cabinet sub-committee on assessment of frost-hit crop and relief distribution is supervising the relief initiative in the state.

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