CURRENT AFFAIRS

Detailed explanation-1: -Mahatma Jyotiba Phule Karz Mafi Yojana 2022 : In this article we are discussing Mahatma Jyotiba Phule Karz Mafi Yojana 2022, according to the scheme Maharashtra government announced to waive off 200000 Rs. Loan under Mahatma Jyotiba Phule Karz Mafi Yojana 2022.

Detailed explanation-2: -In a farm loan waiver scheme, the Centre or the state Government repays the loan to the banks on behalf of the farmers, simply by using public money collected in the form of taxes. When there is a poor monsoon or natural calamity, farmers cannot repay their loans.

Detailed explanation-3: -Kumaraswamy’s government waived off around Rs 15,000 crore of farm loans in 2018 from cooperative and commercial banks for around 20 lakh farmers. Each farmer was eligible to seek waiver of up to Rs 2 lakh.

Detailed explanation-4: -The first nationwide farm-loan waiver in independent India was implemented in 1990 by the VP Singh-led government. It cost the exchequer Rs 10,000 crore. In 2008, the Agricultural Debt Waiver and Debt Relief Scheme, implemented by the UPA government, involved an outgo of Rs 71,680 crore.

Detailed explanation-5: -Farm loan waiver The first FLW at the national level was announced in 1990 when then prime minister VP Singh waived off ₹10,000 each, and the second country-wide scheme came in 2009 by the United Progressive Alliance (UPA I) government.