New Delhi, Feb 29 (ANI): UPA Chairperson Sonia Gandhi today termed the waiver of 40 million poor farmer's loans as a historic and revolutionary step.

Sonia Gandhi told farmers who met her after the announcement of the relief by Finance Minister P Chidambaram, "Today is a very happy occasion. I congratulate the UPA Government and Finance Minister P Chidambaram for it."

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.

Finance Minister P. Chidambaram had earlier announced a complete waiver of unpaid loans issued to farmers with holdings up to two hectares in his 2008/09 budget proposals in an effort to boost the agricultural sector. (ANI)