A delegation of farmers from Puntambe village had come to Mumbai to meet Fadnavis last night after he invited them for discussion.
Fadnavis announced the decision through his Twitter account after a four-hour long discussion.
Minister of State for Cooperation and Marketing Sadabhau Khot also confirmed about the development.
The farmers were planning a 'strike' from June 1 to press for their demands like loan waiver and free electricity.
"The strike is withdrawn and there should not be any violent protests against state anymore," Fadnavis said.
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Various organisations of farmers and small factions participated in the meeting.
Meanwhile, a few group of farmers distanced themselves from the decision of calling off of the strike.
The state government has also promised more reforms such as revising of milk prices to giving farmers a benefit, formation of state-level commission for agricultural costs and prices, appointment of independent observer on dairy business, setting up of more cold storages and agro-processing units, are the promises made by the state government, the chief minister said.
"Though, farmers' strike is withdrawn the state government has agreed to withdraw cases against genuine farmers alone. Those who were non-farmers and deliberately tried to create a ruckus will not be spared," he said.