Shimla, June 27 (IANS) In a major relief measure for farmers facing financial distress, the Himachal Pradesh government on Saturday announced the launch of the Agriculture Loan Interest Subvention Scheme with a one-time settlement policy, fulfilling a key budget announcement.

The scheme would assist farmers whose agricultural land is at risk of auction due to loan defaults. Under this farmer-centric initiative, the government would bear 50 per cent of the outstanding interest liability on agricultural loans up to Rs 3 lakh per farmer.

An estimated 6,356 farmers across the state are expected to benefit from the scheme, with a financial outlay of Rs 50 crore. The scheme would be implemented through the Himachal Pradesh State Cooperative Agriculture and Rural Development Bank and the Kangra Cooperative Agriculture and Rural Development Bank.

The branches concerned will identify and prepare a list of eligible borrowers to avail of the interest subvention benefit.

Chief Minister Sukhvinder Sukhu said that farmers were the backbone of the state’s economy, and their welfare remained the government’s foremost priority.

He added that many farmers have been facing financial challenges due to adverse circumstances, and the government therefore decided to extend this one-time support to eligible beneficiaries.

The scheme would cover farmers whose agricultural loans have become overdue and whose landholdings are under threat of auction by financial institutions.

By sharing half of the outstanding interest burden, the government aims to facilitate loan regularisation, ease financial stress and enable farmers to continue their agricultural activities without fear of losing their land.

The Chief Minister has directed the departments concerned and financial institutions to ensure the expeditious implementation of the scheme so that deserving farmers receive timely assistance.

Reaffirming the government’s commitment to the farming community, the Chief Minister said every possible effort is being made to protect farmers from economic hardship and strengthen the agricultural sector for sustainable growth.

–IANS

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