Govt approves $2.49 bln farm debt write-off fund
Govt approves $2.49 bln farm debt write-off fund
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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!