New Delhi: Government today (June 18, 2004) announced a major package for farmers, proposing to raise farm credit by 30 per cent to Rs 1,04,500 crore this fiscal, roping in 50 lakh new farmers as borrowers, and a four-point strategy to restructure debt, particularly for distressed small farmers.

Announcing the package, Finance Minister P Chidambaram said, "This is the first step for redeeming our promise in the Common Minimum Programme to double the flow of agriculture credit in three years."