He remarked that the decision to waive Rs 60,000 crore farm loan was to meet the “unpaid distress bill” left behind by the BJP-led coalition.

Lashing out at the BJP during his one-hour reply to the debate on Motion of Thanks to the President’s Address to the joint session of Parliament, Singh said it was the “distress of farmers” that brought the UPA to office. “This distress is a legacy of the NDA rule - a rule during which policies were anti-farmer, anti-agriculture,” he said.

At the end of the speech, the Opposition staged a walkout in both Houses protesting the PM’s remarks. The Left members also walked out protesting the price rise and for not having the women’s reservation bill brought before the Parliament.

‘Well-funded’

On the doubts expressed by members on how the government would raise resources for the waiver, Singh said that the relief package would be “well funded”.

“Banks will be compensated as and when the loans become due. I believe that the dues to the banks will materialise over three-four years,” he said.

He assured members that the Government would make adequate provisions from tax and non-tax revenues over this period to fund the package.

Noting that the Opposition Leader L K Advani and some others had asked from where money would come, he quipped: “Let me remind Advani that what we have done is nothing more than picking up the unpaid distress bill which the NDA government left behind.”

Singh said the debt relief of Rs 60,000 crore covered all scheduled commercial banks, regional rural banks and cooperative banks.

He assured the House that the debt relief would be a simple exercise which would be completed by June end. “It will not be a long drawn affair,” he said.

Sharing the concern of members over many farmers being in the clutches of money lenders, the Prime Minister said for those who are outside the pale of institutional credit and cannot benefit from the waiver, a special programme has been started.

“It (the waiver) covers both production and direct investment. It is not just about non-performing assets, it is also about overdues,” Singh said.

‘N-DEAL GOOD’

Demonstrating commitment to push the Indo-US nuclear deal, Prime Minister Manmohan Singh said all efforts would be made to seek the “broadest possible consensus” on the issue and emphasised that the security needs of the country will not be compromised.

Speaking in both Houses of Parliament, he maintained that the nuclear deal was “good for us, for our energy security and for the world”.

‘Endurable peace with Pak’

Building a strong case for “an endurable peace” between India and Pakistan, Prime Minister Manmohan Singh on Wednesday assured the newly elected leadership in Islamabad of the Indian wish “to live in peace” and work for “collective prosperity”.
 
“We need to think about our collective destiny, our collective security, our collective prosperity," said the PM while responding to the debate on the Motion of Thanks to President’s address in the Lok Sabha.

Singh pointed out that leaders of the new dispensation in Islamabad had already spoken of their interest in developing close relations with India.

During his reply, Singh stumped the main opposition BJP by praising former prime minister Atal Bihari Vajpayee.
“The most courageous steps to build peace were taken by Prime Ministers Nawaz Sharif and Atal Bihari Vajpayee. We have continued the process with President Musharraf.”