Jammu Kashmir 11 lakh Farmers Struggling with Rs 17,814 Cr Bank Debts

SRINAGAR: Farmers in Jammu and Kashmir are facing a mounting debt burden, with outstanding agricultural loans totalling Rs 17,814 crore as of March 31, 2024. According to the latest data provided by the Ministry of Finance, 9.29 lakh farmers owe Rs 16,481 crore to commercial banks, while 0.05 lakh farmers owe Rs 68 crore to cooperative banks. Additionally, 1.45 lakh farmers are indebted to Regional Rural Banks, with loans amounting to Rs 1,265 crore.

The data, sourced from the Reserve Bank of India (RBI) and the National Bank for Agriculture and Rural Development (NABARD), highlights the significant financial challenges faced by farmers in the region. The large volume of outstanding loans across various types of banks has raised concerns about the economic pressure on the agricultural community. 11

Despite these challenges, the government has not announced any schemes to waive off the outstanding loans, with Finance Minister Nirmala Sitharaman confirming that no such proposal is under consideration. Farmers continue to struggle with high levels of debt, and the situation underscores the need for comprehensive support to address their financial difficulties. The data was placed by the government in Lok Sabha.