Chief Minister Uddhav Thackeray today announced a mega farm loan waiver of up to Rs 2 lakh per farmer.Under the Mahatma Jyotirao Phule Shetkari Karjmukti Yojana, crop loans up to Rs 2 lakh pending till September 2019 of all farmers in the state will be waived off by March 2020, Thackeray told reporters in Nagpur at the end of the winter session of the state legislative assembly.

The Chief Minister added that the Maha Vikas Aghadi’s farm loan waiver scheme would be far simpler than the one announced by the BJP government in the state three years ago.

Farm loans up to Rs 2 lakh will be waived off for small and big farmers alike with the money being deposited in the bank accounts of the beneficiaries, according to state government sources.

Thackeray announced in the state Assembly that the government would also come with a special incentive scheme for farmers who have been paying their loans regularly. “The scheme will be announced in 15 days,” Thackeray said. Sources say the new farm loan waiver will cost the exchequer more than Rs 1,10,000 crore.

The opposition BJP has, however, criticised the MVA government for failing to fulfil its original farm loan waiver. Leader of Opposition Devendra Fadnavis along with other BJP MLAs staged a walk out in the state assembly after accusing the government of cheating the farmers.

Fadnavis said the farm loan waiver announced by the BJP in 2017 under which loans up to Rs 1.5 lakh were waived off benefitted most farmers.