Tatsat Chronicle Magazine

Andhra Pradesh govt releases Rs 2,190 crore as financial assistance to farmers

October 28, 2021

On Tuesday, Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, released the second tranche of the YSR Rythu Bharosa, YSR Sunna Vaddi agriculture loans, and YSR Yantra Seva schemes into beneficiaries’ accounts

The government of Andhra Pradesh launched the second tranche of financial assistance to farmers on Tuesday. A total of Rs 2,190 crore was credited to recipients’ accounts under three schemes: YSR Rythu Bharosa, YSR Sunna Vaddi agriculture loans, and YSR Yantra Seva. “In the past, farmers in Andhra Pradesh were so troubled that they would terminate their lives,” CM YS Jagan Mohan Reddy said at the event. “Now, the state has thrived into a model of farmer welfare,” he continued, “to the point where other states are copying our farmer welfare systems.”

The Rythu Bharosa, also known as the PM Kisan plan, aims to provide qualifying farmers with Rs 13,500 in three instalments over a period of 12 months. So far, the Andhra Pradesh government has allocated Rs 18,777 crore to the state’s farmers through this scheme over the course of two years. This includes the most recent Rs 2,052 crore tranche, which was distributed to 50.37 lakh farmers.

Rs 112.7 crore has been launched under the YSR Sunna Vaddi (zero-interest crop mortgage) scheme, which will benefit 6.67 lakh people. The programme is designed to provide farmers with well-timed zero-interest loans that they may utilise to invest in vegetation. One of the goals of this programme is to reduce farmers’ reliance on personal cash lenders who extend loans at exorbitant interest rates.

As part of the initiative, the Andhra Pradesh government has also designated 9,160 banking correspondents. In the next weeks, another 1,618 financial correspondents will be deployed. Farmers in Andhra Pradesh are also being encouraged to register their produce under E-Crop to take advantage of services and products such as YSR free crop insurance, YSR Sunna Vaddi, and minimal price increase, according to the state government (MSP).