Naidu finds a new way for Loan Waiver funds!

Andhra Pradesh government which is reeling under the pressure to execute the crucial Loan Waiver promise it made before the elections, finally seem to have found a way to mobilize funds for the scheme. The Chief Minister asked the officials to deduct 20% of the budget from every department to mobilize the required amount for loan waiver scheme.

The government had already set aside a fund of 5000 Crores in the Budget for the scheme and is currently working on the beneficiaries list of the scheme. While the government is keen on reimbursing the loan amounts to banks in 4-5 installments the banks are demanding a full repayment at a time.

On the other side, there is also the auction of Red Sandal Logs which is going on. The income earned through selling the timber will also go in to the scheme. The first phase of auction is currently on and there is a good response for it from the traders across the country as well as other countries of the World.