Haryana CM Announces Farmer-Friendly Budget: Loan Relief and Agricultural Investments

The Chief Minister of Haryana, Mr. Manohar Lal Khattar, concurrently serving as the Finance Minister, delivered the annual budget for the fiscal year 2024-25 in the state assembly on Friday. He proposed a budget allocation of Rs 1.89 lakh crore for the fiscal year 2025. One noteworthy announcement by the Chief Minister was the exemption of interest and penalties on loans for farmers who settle their dues by May 2024. This strategic move is anticipated to alleviate the financial burden on numerous farmers grappling with loan repayments.

The budget presentation coincided with ongoing farmer protests along the Punjab-Haryana border. Among the primary demands of these protesting farmers has been the forgiveness of farm loans. The Chief Minister’s decision to waive interest and penalties can be construed as a proactive response to these demands, aimed at addressing the pressing concerns of the agricultural community and mitigating their financial adversities.

” Agricultural production has registered an impressive growth rate of 8.1 percent in the year 2023-24, standing out as one of the highest in the country. Recognizing the pivotal role farmers play in our Indian economy, the Haryana government has undertaken substantial measures for their welfare. Notably, the government has directly deposited Rs 29,876 crore into farmers’ accounts during the 2023 Kharif and Rabi seasons. Additionally, Rs 178 crore of ‘Bhavantar Sahayata’ has been directly credited to farmers’ accounts… The ‘Meri Fasal Mera Byora’ portal, wherein approximately 10 lakh farmers provide crop details each season, serves as a valuable resource for the government in formulating market intervention strategies,” articulated the Chief Minister.

Haryana Budget 2024: Key Announcements

1. The Chief Minister of Haryana proposes a state budget allocation of Rs 1.89 lakh crore for FY25.
2. The Haryana government has implemented numerous initiatives for farmers’ welfare, including the procurement of 14 crops at MSP, as highlighted during the FY25 budget presentation.
3. Chief Minister Khattar announces the waiver of interest on loans deposited before May 2024 for farmers.
4. Proposals include the establishment of six botanical gardens in Haryana.
5. Chief Minister Khattar reports a significant 67 percent reduction in stubble burning incidents in Haryana over the last two years.