India's Union Budget 2008-09 presented by the Finance Minister today is regarded as an agriculture friendly budget. Various measures announced for the sector is expected to solve ongoing problems and will lead towards overall development of the country's economy.
The Finance Minister has announced relief for both small and marginal farmers. The move will incur a total cost of Rs 60,000 crore to the Government.
Loans on agriculture provided by scheduled commercial banks, RRBs and cooperative credit institutions up to March 31, 2007 and overdue as of December 31 that year will come under the waiver scheme for addressing the problems of indebtedness of farmers.
The loan waiver scheme is estimated to give benefits to three crore small and medium farmers.