Budget set to waive small, marginal farmer loans
Union Finance Minister P Chidambaram, in his 2008-09 Budget, is set to announce a complete waiver of loans owed by small and marginal farmers, an enhanced subsidy on fertilisers and full reimbursement of actual freight incurred in moving fertilisers.
The write-off of loans owed by the small and marginal farmers - with landholding below 5 acres - and the interest thereon, is a one-time concession. For those with bigger landholding, the remaining 20 percent of the farm community, the relief would be partial providing for a 25-percent rebate on outstanding dues, provided they pay off the 75 percent over three years beginning next fiscal year.
Sources said that about Rs 50,000 crore would be earmarked for the write-off with pro visions made out of the budget without any additional less on the taxpayers.
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To read the ePaper, visit: http://epaper.indianexpress.com
The write-off of loans owed by the small and marginal farmers - with landholding below 5 acres - and the interest thereon, is a one-time concession. For those with bigger landholding, the remaining 20 percent of the farm community, the relief would be partial providing for a 25-percent rebate on outstanding dues, provided they pay off the 75 percent over three years beginning next fiscal year.
Sources said that about Rs 50,000 crore would be earmarked for the write-off with pro visions made out of the budget without any additional less on the taxpayers.
To read the full article, click here
To read the ePaper, visit: http://epaper.indianexpress.com
Labels: Budget, marginal farmers loans, Union Finance Minister
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11:16 AM
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