Sivaganga, Tamil Nadu, Mar 9: Union Finance Minister P Chidambaram said the United Progressive Alliance (UPA) Government will soon explain all the details on the ways and means to allocate funds for the Rs 60,000 crore loan waiver announced in Parliament. Addressing a function here last evening, he said loan waiver was not new in India. The government waived loans for industries when there was a steep fall in iron prices in the world market in 2002-03. Almost all major industries in the country, including Tata Steel and Essar, had suffered huge losses, he said. Mr Chidambaram said opposition parties demanded waiver of farm loans before the presentation of the Budget.
''But, the same parties opposed it, when I announced the massive waiver of farm loans aimed at protecting the interests of the farmers. ''The Opposition is asking the government, how it will allocate huge funds for the loan waiver,'' he said. The Minister said the government, the Prime Minister, UPA Chairperson Sonia Gandhi and himself took the decision only after a careful study. ''I will come out with a proper explanation about the waiver of farm loans soon in Parliament,'' he added.