Ahead of the upcoming assembly polls in Tamil Nadu, state Chief Minister Edapadi K Palaniswami on Friday announced a major decision to waive Rs 12,110 crore farm loans from cooperative banks to relieve farmers of the state. The AIADMK government in Tamil Nadu has stated that 16.43 lakh farmers will benefit from the farm loan waiver and said that the decision was taken as farmers suffered huge losses due to Cyclone Nigar and Burevi and also due to the novel coronavirus pandemic.

Making the announcement in the state assembly, Chief Minister K Palaniswami said the scheme would come into immediate effect and the required financial allocation would be made by his government. The major announcement comes a few months ahead of the Tamil Nadu assembly election.

The Tamil Nadu CM said the AIADMK was the only party that fulfills promises and also comes up with fresh welfare measures. Targetting the opposition DMK, he said the party had promised two acres of land, but failed to implement.