India to seek parliament nod for farm waiver funds

India to seek parliament nod for farm waiver funds
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First Published: Wed, Aug 27 2008. 04 11 PM IST
Updated: Wed, Aug 27 2008. 04 11 PM IST
New Delhi: “The Indian government will seek parliament’s approval to release Rs250 billion to state-run banks to fund its farm debt write-off scheme in the current fiscal year,” said a finance ministry official.
Arun Ramanathan, secretary for the financial sector, told reporters that the state-run banks have requested the government to pay interest incurred due to a delay in freeing funds for the plan adding that the government is yet to decide on the issue.
In May the government expanded the scope and scale of its ambitious scheme to write off the debts of small farmers, saying it would now cost an additional $1.4 billion and cover three million more poor cultivators.
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First Published: Wed, Aug 27 2008. 04 11 PM IST
More Topics: India | Economy | Farmers | Parliament | Waiver |