UP govt plans to drop Kisan Rahat bonds to fund its farm loan waiver

The Uttar Pradesh government is planning to drop Kisan Rahat bonds to raise funds for its Rs 36,000-crore farm loan waiver.

While speaking to ET, UP FM Rajesh Agarwal said,''We are not floating any bonds. Not even a rupee would be sought as loan from any financial institution. The state is paying off farm loans of Rs 36,000 crore entirely from its own pocket, as per our budget.''

Earlier, the government had announced a Rs 36,359-crore farm loan waiver fulfilling a promise made during its election campaign. The decision is expected to benefit at least 21.5 million small and marginal farmers in the state.

The UP government in the month of Arpil requested adequate resources separately to ensure implementation of the decision for agriculture debt waiver.

However, Agarwal denied making any such proposal to the Centre. "Maybe the CM sent a proposal on his own. I have no knowledge."

OneIndia News