National
Farmers to Get Loan Waiver of Up to ₹2 Lakh Under New Maharashtra Scheme
The Maharashtra government has approved a massive ₹36,585 crore farm loan waiver scheme aimed at providing relief to nearly 56 lakh cultivators across the state. The decision fulfills a key electoral promise of the ruling Mahayuti alliance and includes incentives for farmers who have consistently repaid their loans on time.
The Maharashtra cabinet on Tuesday approved a comprehensive farm loan waiver package worth ₹36,585 crore, providing significant financial relief to the state’s agricultural community. The scheme is expected to benefit nearly 56 lakh farmers and marks the fulfillment of a major promise made by the ruling Mahayuti alliance during the 2024 elections.
Named the Punyashlok Ahilyadevi Holkar Shetkari Karja-mukti Yojana, the initiative offers a waiver of farm loans up to ₹2 lakh per eligible cultivator. The scheme is designed to ease the debt burden on farmers facing financial challenges due to fluctuating crop yields, market uncertainties, and rising input costs.
The decision was taken during a cabinet meeting chaired by Devendra Fadnavis in Mumbai. The government described the measure as a major step toward improving the economic condition of farmers and strengthening the state’s agricultural sector.
In addition to the loan waiver, the cabinet approved incentive benefits for farmers who have repaid their agricultural loans on time. The move is intended to reward financial discipline while ensuring that responsible borrowers are not disadvantaged compared to those seeking debt relief.
Officials stated that the dual approach of loan waiver and repayment incentives aims to strike a balance between providing immediate assistance to distressed farmers and encouraging a culture of timely loan repayment within the agricultural credit system.
The scheme is expected to have a significant impact on rural Maharashtra, where agriculture remains a key source of livelihood. By reducing debt obligations, the government hopes to improve farmers’ access to fresh credit, support agricultural investment, and boost overall rural economic activity.
The implementation framework, eligibility criteria, and operational guidelines for the scheme are expected to be announced in the coming weeks.