Hyderabad, Dec 28 (IANS): The Telangana government on Wednesday launched the 10th phase of Rythu Bandhu, the investment support scheme for farmers.

Under this phase, Rs 7,676 crore will be deposited in the bank accounts of 70.54 lakh farmers towards investment support for Yasangi season.

The state's Finance Minister, T. Harish Rao said on the first day Rs 607.32 crore was deposited in the accounts of 21,02,822 farmers holding up to one acre of land.

The investment support is being disbursed at a rate of Rs 5,000 per acre.

Farmers holding up to two acres of land will receive the money on Thursday and those owning up to three acres will get the money in their accounts on Friday. This way the disbursal will continue till all 70.54 lakh farmers are covered.

Officials said assistance for 1.53 crore acres will be provided during this season.

Through the Rythu Bandhu scheme, the state government is providing crop investment to the farmers at the rate of Rs 10,000A per acre for both Vanakalam andA Yasangi seasons.

The scheme, which is considered as a revolutionary activity in the country's agriculture sector, is delivering optimum results, according to the Bharat Rashtra Samithi (BRS) government.

Chief Minister K. Chandrasekhar Rao last week issued instructions to the Finance Secretary to release Rythu Bandhu funds to all farmers in full and on time without any deductions.

BRS leader K. Kavitha tweeted that KCR, as the Chief Minister is popularly known, has dreamt of an India where the farmers and poor are empowered.

Telangana is living the dream which is now a reality, she wrote.

Under the scheme launched in May 2018, the state government has been providing financial assistance to all farmers for two crops every year.

When the scheme was launched the amount was Rs 8,000 per acre per year (for both Rabi and Kharif seasons) and the government enhanced the amount to Rs 10,000 from 2019.

In January this year, the cumulative assistance under the scheme touched Rs 50,000 crore mark.

Along with free irrigation, electricity, and farmer insurance, a revolutionary development has taken place in Telangana agriculture by providing direct investment in the farmer's account to take up the farming activity, says the government.

It claims that pro-agricultural activity not only stood as the best example for the country, but also led to a paradigm shift in the country's agricultural sector.

According to officials, KCR's pro-agricultural visionary decisions promoted the Telangana state as the leader in paddy production in the country.

The Telangana government's agricultural policies are influencing the neighboring state governments and also the Centre towards paving the way for the welfare of the country's farmers and agricultural growth.

The BRS government has alleged that the Centre stopped the release of Rs 40,000 crore which are rightful due to the Telangana state under various schemes and programmes.

The Centre is trying to make the people of Telangana suffer by not releasing the funds owed to the state and causing financial problems.

The state's ruling party said that despite the centre creating hurdles, the Telangana government is not compromising on the welfare of farmers and the development of the farming sector and releasing Rythu Bandhu funds timely to the farmers every season.