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WELL-promoted farmers debt relief announced by the Finance Minister P Chidambaram today become a reality, as ministers of the European Union gave the green light to the creation of the Farmers’ Debt Relief Fund with an initial corpus of Rs 10000 crores.

The money would be in the group of funds in India during the year 2007-08. Authorization annual increase in the Fund, amounting to 60, 314 crores required to secure a refund to financial institutions was also by the trade union of their firm.

In addition to the 10000 crore, which has been earmarked for the year 2007-08, provisions for both rates were respectively of 15000 crores for 2009-10 and 2008-9, R 12000 crores for 2010-11 has been allocated and 8 , 314 crores for the next few years.

The R 60, 000 crore debt relief for farmers regime P Chidambaram announced in his budget would be the 30th of June 2008. About three crores small and marginal farmers, and is encouraged by the package of debt relief, at the present time by the UPA government.

It should be noted that the Finance Minister P Chidambaram’s debt relief means in writing by an amount of Rs 60,000 crore in the value of loans, which was, small and marginal farmers.

How does the system announced by the Government, all agricultural loans made by banks and cooperative institutions are depreciated. Agriculture Project credit from commercial banks and cooperative institutions amounts to crores Rs 240000 and up to 280000 crores.

The marginal farmers, farmers, peasants have less than one hectare, while the small farmers of one to two hectares of land.

While estimating the value of the debt relief scheme, Prime Minister Manmohan Singh said that it was a response to an increase unorthodox from the minds of farmers, as revealing the largest company in the country.

“There is a growing need for agriculture. We are talking-animal minds and businesspeople. But I think farmers are greatest entrepreneurs of our country. They produce many of us have needed raw materials. If you are depressed animal spirits, it is not good for the country, “said the Prime Minister.

This entry was posted on Tuesday, April 1st, 2008 at 11:42 pm and is filed under Debt Relief. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.