Farm loan target depends on the Potential Credit Linked Plan carried out by the National Bank for Agriculture and Rural Development at the block level, which is assessed depending on the potential to absorb the credit.
While there has been no proposal yet on the government leveraging its savings under the PM Kisan Yojana, it does make room to increase the number of payment instalments
In his address to farmers at Dwarka town of Devbhumi Dwarka district, the Delhi Chief Minister also promised to conduct a fresh survey of land as farmers were unhappy with the survey conducted recently by the BJP government.
Priyanka Gandhi Vadra released the party's manifesto "Unnati Vidhan", which she termed as "Jan Ghoshna Patra'.
The Maha Vikas Aghadi government announced a scheme worth Rs 2,000 crore for strengthening Agricultural Produce Market Committees in state.
Making the announcement in the state assembly, Chief Minister K Palaniswami said the scheme would come into immediate effect and the required financial allocation would be made by his government.
The form to avail the scheme will be available on the KCC section of commercial bank websites in English and Hindi, which will require basic information such as crop being sown and land record.
He attacked the Akalis for criticising his government's farm debt waiver scheme, accusing them of "failing" to do anything for the farmers themselves.
Farm loans, generally, attract an interest rate of 9 percent. The government, however, provides an interest subvention to make available short-term farm credit at an affordable rate and help boost farm output
Addressing a press conference, Union minister Manoj Sinha said loan waiver promised by Gandhi is a "fraud" and a conspiracy to garner votes.
If the new government elected in 2019 talks less and acts more, Indian farmers will benefit
He made the remarks in the wake of the newly-formed Congress governments in Madhya Pradesh and Chhattisgarh announcing farm loan waivers, fulfilling a promise made by the party ahead of the Assembly polls.
The agricultural distress is impacting 200 million workers and can cause political churn and policy experimentation, leading to uncertainties in times of the ongoing economic slowdown, the foreign brokerage said in a report.
Instead, they suggest that income support schemes may be a more effective alternative and bold steps are needed to address rural distress, days after the ruling Bharatiya Janata Party's (BJP) loss in three key state elections where farmers have been hit by low prices and higher input cost.
Noting that rural demand has been on the rise in recent months, the report says the upward trend is visible from the sale of big ticket items like tractors and the latest corporate earnings of consumer goods companies.
According to sources in Cooperation department, at least 1.5 lakh more farmers could be benefitted due to the new deadline.
The CEA also warned against farm loan waivers; its impact on the economy would be deflationary rather than inflationary
The Maharashtra government has announced farm loan waivers to the tune of over Rs 34,000 crore. To understand the implications of the same, CNBC-TV18's Yash Jain caught up with the finance minister of Maharashtra, Sudhir Mungantiwar.
In an interview to CNBC-TV18, HP Singh, Founder & MD of Satin Creditcare Network spoke about the longer term impact of farm loan waivers and the latest happenings in the company.
This covers bank loans to farmers with up to 5 acres of land. The report said the Ministry of Finance will have to fund farm loan waivers by UDAY-type bonds to limit market impact. On Saturday, the Maharashtra government waived loans of Rs 300 billion/0.2 per cent of GDP owed by farmers with up to 5 acres of land by October.
A report by rating agency Fitch today said loan write offs work as an incentive to skip loan repayments.
In an interview to CNBC-TV18, Keki Mistry, VC & CEO of HDFC gave his take on the monetary policy.
"In the past two years, Narendra Modi has waived loans of Rs 1.10 lakh crore. Not of small farmers but of big industrialists and rich people. If Modiji wants to waive loans of the rich, it is his decision. He is the Prime Minister and he can do so. We are not against it.
The UPA's flagship scheme that returned them to power in 2009 is under the scanner. The CAG report on the farm loan waiver scheme has found major discrepancies. Apart from a finance ministry inquiry, the repeat of the scheme is perhaps unlikely, reports CNBC-TV18.