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Chandrababu Has No Money For Crop Loan Waiver!

The other day, Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu has announced that the third phase of crop loan waiver scheme would be implemented from October 2 and funds would be released accordingly to be deposited in the accounts of the farmers.

However, even after two days of the announced date, Naidu government has not released any money towards crop loan waiver. Reason: Officials of the state financial department have thrown up their hands, stating there is no money. Neither the chief minister nor officials are talking about the scheme now.

Sources said though the orders were ready for crop loan waiver implementation, the government dropped the decision at the eleventh hour, since there were no funds in the exchequer.

The government has already borrowed Rs 16,000 crore from various sources and it cannot borrow more as it amounts to violation of the Fiscal Responsibility and Budget Management (FRBM) act.

However, Naidu reportedly asked them to adjust funds somehow and see that the loan waiver scheme be implemented, since he had made the open announcement.

Officials say they have to now borrow more money from the market and launch the crop loan waiver scheme. Most probably, it will be done on October 9, the day the Chief Minister set to lay the foundation stone for the mega seed park in Kurnool district.

“The government has already borrowed from financial institutions for meeting the expenses of various welfare and development schemes and will have to continue the same in the future too,’’ an official said.
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