Not pledging lands to raise funds: AP Minister

Our Bureau Hyderabad | Updated on July 23, 2014

The Andhra Pradesh government has said no land is being pledged to raise funds for the loan waiver scheme.

"We are only securitising our future revenues,” AP Agriculture Minister, P Pulla Rao has said.

Addressing a press conference here on Wednesday, he critised the Opposition leader Y S Jaganmohan Reddy for misleading the public on the issue of fund raising.

“He is not able to digest the fact that we are able to waive the loans. No other Government in the country has waived huge loans like we did. He is saying we are pledging lands to raise funds. It is not true,” he said.

The government said it would waive loans to the tune of ₹50,000 crore.

“About 43 lakh farmers are going to benefit. Loans up to ₹1.5 lakh are going to be waived. There are about 1.19 lakh farmers who borrowed more than ₹1.5 lakh. Even they will get the waiver benefit up to ₹1.5 lakh. The scheme is covering 96 per cent of the farmers who have taken loans up to March 31, 2014,” he said.

Irrigation Minister D Uma Maheswara Rao said efforts were on to reschedule loans to the tune of ₹12,000 crore.

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Published on July 23, 2014
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