CURRENT AFFAIRS

Detailed explanation-1: -New Delhi: The Uttar Pradesh government has decided to waive off farm loans of up to Rs 1 lakh for farmers across 19 districts in the state. A notification in this regard has also been issued, reported Dainik Jagran, adding that 33,408 farmers in the state will be benefitted from this move.

Detailed explanation-2: -The first nationwide farm-loan waiver in independent India was implemented in 1990 by the VP Singh-led government. It cost the exchequer Rs 10,000 crore. In 2008, the Agricultural Debt Waiver and Debt Relief Scheme, implemented by the UPA government, involved an outgo of Rs 71,680 crore.

Detailed explanation-3: -The study also revealed that a marginal farmer in Punjab borrows Rs 3.4 lakh annually, as compared to Rs 84,000 and Rs 62,000 in UP and Maharashtra, respectively. The study was officially released on Friday at 4 pm.

Detailed explanation-4: -In a farm loan waiver scheme, the Centre or the state Government repays the loan to the banks on behalf of the farmers, simply by using public money collected in the form of taxes. When there is a poor monsoon or natural calamity, farmers cannot repay their loans.