Punjab CM Amarinder Singh announces loan waiver of ₹590 crores for laborers, landless farmers

The loan waiver announcement, made by the CM Amarinder Singh, will benefit 2.85 lakh farm labourers and landless farmers, starting from August 20, 2021.

The Punjab state government, led by Chief Minister Amarinder Singh, on Wednesday, announced a loan waiver of Rs 590 crores for farm laborers and landless farmers.

The loan waiver announcement, made by the chief minister, will benefit 2.85 lakh farm laborers and landless farmers, starting from August 20, 2021. It will be implemented by the state’s Finance and Cooperation departments.

“Happy to share that we have approved waiving farm loan of Rs. 590 Cr of 2.85 lakh farm laborers & landless farmers,” the Punjab CM said, adding, “Have directed the Finance & Cooperation Departments to kick-off its effective implementation from 20th August.”

It is pertinent to mention that the loan waiver announcement, under Farm Debt Waiver Scheme, was one of the key promises made by Captain Amarinder Singh.

“Fulfilling another key promise, Chief Minister @Capt_Amarinder Singh has announced a waiver of ₹590 Crores worth of loans under the farm debt waiver scheme for 2.85 Lakh laborers and the landless farmers,” the Chief Minister’s Office said, in a tweet.

“The cheques would be issued at a state-level function on August 20,” it further informed.

Meanwhile, the Congress party also lauded the Punjab Chief Minister Captain Amarinder Singh’s announcement to waive off the loans of lakhs of landless farmers and laborers of the state’s worth crores of rupees.

“The state government is fully committed to ensuring the interests of laborers and landless farmers,” it claimed.

There are 1.09 million farming households in Punjab, with 33.1 percent of land holdings in the state being small and marginal.

Punjab farmers majorly depend on subsidy and each household gets an annual subsidy of Rs 173,165, on average.

However, as per the NABARD Survey of 2016-17, an average farming household in Punjab earns Rs 23,133 per month. The per capita monthly income of these households comes out to be Rs 4,449 only.