UP government would need about Rs 36,000 crore to implement the loan waiver scheme, promised to small and marginal farmers, in BJP 's election manifesto. Total countrywide agricultural loan (outstanding as on September 30, 2016) stands at 12.60 lakh crore.
A mega loan waiver scheme in the country was implemented in 2008 when the then UPA government had initially announced a waiver of Rs 60,000 crore loan for small and marginal farmers in the Budget. It was later extended to large farmers as well and the amount increased to Rs 71,600 crore.
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