Keeping up with the pre-electoral promises , the newly sworn Chief Minister of Madhya Pradesh, Kamal Nath signed the loan waiver for debt-hit helpless farmers within two hours of taking the office – a big relief to the farmers of Madhya Pradesh.

During the had promised of waiving off the loans for farmers ahead of the election. And to fulfill their promise, they immediately waived off the loans. Kamal Nath waives off the loan just after two hours of he took the Oath as the new Chief Minister of Madhya Pradesh. “The new Chief Minister did in two hours what he had assured he would do within 10 days of taking power,” the Congress in Madhya Pradesh tweeted. Around 33 lakh farmers were given relief by waiving off the loan. The total loan amount was around Rs. 70,000 crore. This loan waiver will cost 50,000 crore rupees to the state.

According to one of the officials in the office of the Chief Minister of MP, loans up to Rs 2 lakh will be waived from Nationalised and co-operative banks till 3rd March. Loan waiver was an important issue to be solved. After ruling straight for 15 years, BJP lost in MP this time, on which Congress took advantage and won the hearts of farmers by waiving off the farmers’ loans. BJP lost its seats in Rajasthan and Chhattisgarh as well. Both the states had BJP Government earlier. Currently, Madhya Pradesh faces a debt of at least Rs. 1.6 lakh crore, but the actual figure can go beyond 1.87 lakh crore. Now, let’s see how this loan waiver affects the economy and debt of Madhya Pradesh.