Rajasthan government waiving-off outstanding loans worth Rs.8.04 crores for small businesses !

Entrepreneurs and small businesses play a key role in making the economy grow at a faster rate. They play a crucial role in creating jobs and making the country financially strong. Over the years, many startups and small businesses have been started. Some businesses are funded by their founders and other investors. Whereas others took loans from the government to get that financial support. 

But not every business can meet the expectations in the reality. That’s where it gets difficult for small business owners and others to pay off the loans. Coming to their rescue, many political leaders have promised to waive off those loans, but no one of them fulfilled their promises till now. Recently, the Rajasthan government has decided to waive off the outstanding loans for small businesses and artisans. 

Rajasthan Chief Minister Ashok Gehlot has come with up this idea. The news has made every small-scale industry owner and small entrepreneurs in Rajasthan happy and nostalgic. Rajasthan government will be waiving off the loans for small businesses owners and entrepreneurs who are having outstanding loans pending for two decades. Government officials allocated a hefty for this scheme, which will provide a sign of relief for all those business owners who are having a hard time paying off those loans. 

Based on reports, Rajasthan government Chief Minister Ashok Gehlot allocated nearly Rs 8.04 crores for this. This means the outstanding amount of Rs 8.04 crores will be waived off on the beneficiary artisans and entrepreneurs of various loan schemes in Rajasthan. This hefty is expected to cover the loan and interest amount of nearly 6,248 borrowers of 9 schemes. 

Initially, Chief Minister Ashok Gehlot including the details of the waving of 3000 entrepreneurs in the state budget for the year 2021-22. Now the government decided to double the amount and get nearly 6,248 entrepreneurs out of debt. All of them will be get relived from the loan and interest amount. 

The Rajasthan government has made everyone happy with its latest decision. Many people are applauding the government’s decision. People are really appreciating the Rajasthan government for supporting its entrepreneurs and small business owners during these hard times. 

Because of the COVID-19 whole country has paid a hefty price. In that, especially small businesses and artisans have lost their complete profits and revenues. Many even decided to shut down their businesses because of the lack of revenue and profits. As everyone restricted themselves to their homes, business owners experienced a traumatic situation. 

On top of that, business loans and interests continued as they are. Paying off those loans and interest amounts have become a hectic task for all those businesses. As many businesses owners and artisans lost their hopes of continuing the business and paying off these loans, the Rajasthan government showed up as a beacon of hope. 

In fact, this is not the first time that the Rajasthan government came to rescue its citizens from trouble. Previously, the government has waived off farm loans as well. Rajasthan’s government decision has given new hope for existing businesses and new businesses owners to get back into the business.