"Today is a very happy occasion. The waiver of loans on farmers by the UPA government is a revolutionary step," Gandhi said, addressing a large gathering of farmers who descended at her 10, Janpath residence soon after the announcement of the relief in the Union Budget 2008-09.

"I congratulate the UPA government and Finance Minister P Chidambaram for it," she said.

Chidambaram announced a Rs 60,000-crore relief package for farmers, including complete waiver of loans given to small and marginal farmers.

The government announced a waiver of Rs 50,000 crore worth of loans to small and marginal farmers and a settlement scheme for other farmers that would cost the exchequer another Rs 10,000 crore.

Holi, the festival of colours, appeared to have arrived earlier than schedule as farmers burst into celebrations outside the residence of the Congress President, smearing colour at each other and singing and dancing to the tune of drum beats.