Easy agricultural loans settlement, says Punjab CM

Punjab Chief Minister Amarinder Singh today announced that the government would allow a one-time settlement of agricultural loans of co-operative banks to all farmers in the state who have paid cent per cent or more of their principal loan amount.

"This will provide a relief of Rs 211 crore to farmers," the chief minister said while addressing a gathering on the occasion of the Independence Day.

The interest rate on crop loans has already been reduced from 14 per cent to seven per cent, he said.

He also announced that the state government would repair the water channels of all villages at a cost of Rs 75 crore.

Singh, who earlier unfurled the national flag, paid tribute to the freedom fighters and martyrs and asked the youths to emulate their noble life.

Referring to the "improvement in the financial position" of the state, Singh said the government has tied up with Reliance, Bharti group, ITC and Godrej to give a boost to its programme of diversification of agriculture.

Majority of small farmers owned less than 1-1.5 acres of land and persistent hike in agricultural inputs and old farm practices led to substantial decline in their income, he said.

"A modest beginning has been made towards second green revolution. Punjab will again lead the nation in attaining self-sufficiency in agro products other than wheat and paddy," he said.

On the occasion, Singh honoured 21 eminent personalities from different fields with Punjab 'State Awards', comprising a citation, a shawl, a medal and cash.

Shooters Abhinav Bindra, Manavjit Singh Sandhu and Mansher Singh were among the awardees.