A resident of Udhanpura village under Badpura block in Etawah, Sharma had taken loan of Rs 30,000 on top of which he took an additional loan of Rs 20,000 but failed to clear the dues. Even after surrendering eight bighas of land against the loan, Rs 60,000 is still pending.

Sharma said the waiver is a lifesaver, not only for him, but also for lakhs of other farmers burdened with heavy loans.

He said recovery agents often harassed villagers, owing to which many had left the village.

“I had never thought that my name would be cleared,” he said. He added that once their dues are waived off (by June 30) farmers would be eligible for loans again. “Not only this, my family members are now free to move in the village and may even take a loan for starting some business,” said Sharma.

Shyam Karan, resident of the same village, had taken a loan of Rs 20,000 around six years ago, which is now pegged at Rs 30,000. The bank had blacklisted him so that he would not be eligible for any further loans.

Elated over the Budget provision, Karan said waiving off loans will help cut down the suicide rate as most farmers took the extreme step after failing to clear the loans.