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9 ways the Budget affects you
February 29
1. Farmers' debt waived
Complete waiver of loans for marginal farmers owning land up to one hectare and small farmers owning land up to 1 and 2 hectares.
Agricultural loans given by scheduled commericial banks, regional rural banks and cooperative credit institutions up to March 31, 2007 and due for December 31 that year will be covered under the waiver scheme to address the problem of indebtedness.
One time settlement of loans for other farmers.
Agriculture loans restructured and rescheduled by banks from 2004-06 and other loans normally rescheduled under RBI guidelines will also be eligible under the waiver scheme.
Implementation of debt waiver and debt relief will be completed by June 30 this year.
Loan waiver scheme to involve loans liability of Rs 60,000 crore and to benefit four crore farmers.
By loan waiver scheme, the country is discharging a deep debt and sense of gratitude to farmers, says Chidambaram.
The loan waiver scheme will benefit three crore small and medium farmers and cover loans totalling Rs 50,000 crore.
One crore other farmers will benefit to the tune of Rs 10,000 crore in the waiver.
A target of Rs 2.80 lakh crore for agriculture credit set for the coming year.
Rs 20,000 crore for irrigation projects under AIPB, showing an increase of Rs 9,000 crore over last year.
National Horticulture Mission to be given Rs 1,100 crore in 2008-09 with special focus on coconut cultivation.
Rs 75 crore to be given to Agriculture Ministry for providing mobile soil testing laboratories in 250 districts.
Rs 644 crore for National Agriculture Insurance Scheme, which will be continued pending evolving an alternative crop insurance scheme.
National Plant Protection Training Institute at Hyderabad to be made autonomous body and Rs.29 crore will be allocated to it.
A scheme of debt waiver and relief for small and marginal farmers announced.
Image: Monsoon clouds loom over as a farmer works in a paddy field
Photograph: Parthajit Datta/AFP/Getty Images
Also read: Union Budget 2008-09: Complete coverage
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