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The AIADMK government in Tamil Nadu on Friday announced waiver of Rs 12,110 crore farm loans availed by 16.43 lakh farmers from cooperative banks.
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.
He said the AIADMK was the only party that fulfills promises and also comes up with fresh welfare measures.
Targeting the opposition DMK, he said the party had promised two acres of land, but failed to implement.
