Tamil Nadu Chief Minister Edappadi K Palaniswami announced on Friday, 5 February, that crop loans taken by farmers from cooperative banks will be waived. This announcement is expected to benefit around 16.13 lakh farmers across the state. The chief minister made the announcement under Rule 110, in the Tamil Nadu Legislative Assembly on Friday.
Crop loans of around Rs 12,110 crore borrowed by farmers from cooperative banks will be waived, Palaniswami said, adding that farmers across the state have borne the brunt of cyclones Nivar and Burevi, and the excess rainfall in January. The chief minister had also earlier announced Rs 1,117 crore compensation for the damaged crops, which is expected to benefit around 11 lakh farmers.
In January, Tamil Nadu had received unprecedented rainfall across the state that led to massive crop damage. Between 1 January and 5 February, the state has received 708 percent excess rainfall, when compared to the normal levels during this period. The state received an average of 138.2 mm rains, as against the normal rainfall during this period of 17.1 mm.