Punjab Chief Minister Amarinder Singh on Monday June 19,2017 announced total waiver of entire crop loans for small and marginal farmers in Punjab.
The loan waiver will for up to Rs. 2 lakh for small and marginal farmers (up to 5 acres) and a flat Rs. 2 lakh relief for all other marginal farmers, irrespective of their loan amount, thus paving the way for eventual total waiver of agricultural debts to implement another major poll promise of the ruling party.
"The initiative would provide double the relief announced by the states of Uttar Pradesh and Maharashtra," Amarinder Singh pointed out.
The decision is based on the interim report of an expert group, headed by eminent economist Dr T. Haque, which was tasked with suggesting ways and means to help the state's distressed farming community.
Making it clear that his government stood by its commitment to waive off the crop loans of the farmers, Amarinder Singh said his government had also additionally decided to take over the outstanding crop loan from institutional sources of all the families of farmers who committed suicide in the state.
It has also decided to raise the ex-gratia for families of farmers committing suicide to Rs. 5 lakh from the existing Rs. 3 lakh.