Govt approves $2.49 bln farm debt write-off fund

Govt approves $2.49 bln farm debt write-off fund
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First Published: Thu, Mar 27 2008. 01 44 PM IST
Updated: Thu, Mar 27 2008. 01 44 PM IST
New Delhi: The cabinet on Thursday approved a Rs100 billion ($2.49 billion) fund that will be used to partly finance a massive scheme to write off debt owed by millions of small farmers, a government spokesman said on Thursday.
The debt waiver was announced in February’s budget and was widely seen as a populist measure ahead of general elections which must be held by May 2009.
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First Published: Thu, Mar 27 2008. 01 44 PM IST
More Topics: Government | Debt | Farm | Agriculture | UPA Government |