Introduction: The recent onslaught of Cyclone Michaung has left a trail of destruction across Andhra Pradesh, particularly affecting the livelihoods of flue-cured Virginia (FCV) tobacco growers in the region. In response to the hardships faced by these farmers, the Government of India has taken a significant step by approving an interest-free loan to alleviate their financial burdens.
Government Approves Interest-Free Loan for Cyclone-Hit Tobacco Growers in Andhra Pradesh
Loan Approval from Grower Welfare Fund:
- The Government of India has sanctioned a Rs 10,000 interest-free loan from the Grower Welfare Fund of the Tobacco Board specifically for the benefit of FCV tobacco growers in Andhra Pradesh.
- This loan aims to provide immediate relief to growers whose crops suffered damage as a result of the Michaung cyclonic rains.
- The loan is a one-time measure, exclusively designated for the crop season of 2023-24, reflecting the government’s commitment to supporting farmers during times of crisis.
Repayment Mechanism:
- The loan amount will be recovered from the auction sale proceeds of the affected growers’ tobacco crops from the 2023-24 season.
- This repayment mechanism ensures that the financial burden on the growers is minimized, allowing them to recover without immediate financial strain.
Extent of Damage and Impact:
- The cyclonic rains have caused significant damage to FCV tobacco crops in Andhra Pradesh, affecting approximately 20% of the total planted area.
- The damage includes washing out of crops, drowning of standing crops, waterlogging, and wilting of standing crops, severely impacting the yield and quality of the harvest.
- Despite the challenges, auctions of the affected tobacco crops are currently ongoing in Karnataka, highlighting the resilience of the agricultural community in the face of adversity. https://livesamacharnews.com/todays-gold-rate…ries-26-feb-2024/
- Table:
| Loan Initiative Parameters | Details |
|---|---|
| Loan Amount | Rs 10,000 |
| Interest Rate | 0% |
| Eligible Recipients | FCV tobacco growers in Andhra Pradesh |
| Coverage Period | Crop season 2023-24 |
Conclusion: The approval of the interest-free loan by the Government of India underscores its commitment to supporting farmers affected by natural disasters. By providing financial assistance through the Grower Welfare Fund, the government aims to mitigate the immediate financial challenges faced by FCV tobacco growers in Andhra Pradesh. This initiative reaffirms the government’s resolve to stand by agricultural communities during times of adversity, ensuring their resilience and sustainability in the face of calamity.