Govt contemplating scheme for relieving farmers’ distress, heres how

Amid Congress victory on farm loan waiver, the central government is now contemplating its own version of scheme to relieve farmers of distress.

This is especially being seen in context of upcoming 2019 general election.

It is learnt that the central government is considering waiving interest on crop loans for farmers who pay on time.

But the move is likely to cost an additional Rs 15,000 crore to the exchequer, according to sources.

Another proposal being considered is to completely waive premium for taking insurance policy for food crops.

The ruling BJP government has swung into action to address distress in the agriculture sector after it lost power to the Congress in three heartland states of Madhya Pradesh, Rajasthan and Chhattisgarh in the recent state polls.

To provide immediate relief, one of the proposals being studied is to waive 4 per cent interest rate on farmers repaying farm loan promptly within the due date.

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