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Proper answer soon, says Chidambaram

SIVAGANGA: The government will soon explain in Parliament the ways and means to allocate funds for the Rs. 60,000-crore farm loan waiver, Union Finance Minister P. Chidambaram said on Saturday.

“The Opposition parties, which were demanding waiver of loans before I presented the budget, are opposing it after I made the announcement aimed at saving farmers. They ask how the government will allocate funds needed for the waiver. The government, the Prime Minister, United Progressive Alliance chairperson Sonia Gandhi and I have taken this decision only after a careful study. I will come out with a proper answer about the waiver,” he said after inaugurating the 2956th branch of Bank of India at Kundrakudi, near here.

Loan waiver was not a new phenomenon in the country. When there was a steep fall in iron prices in the world market in 2002-03, almost all major industries, including Tata Steel and Essar suffered huge losses. The government waived the loans given to them to save the industry.

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