Bringing relief to millions of farmers, the Finance Minister waived off debts of all small and marginal farmers, with the total estimate of loans being waived off amounting to Rs 50,000 crore.

All agricultural loans taken up to March 31, 2007 come under the scheme and the implementation of debt waiver scheme is expected to end by June 30.

Waivers amount to four per cent of total bank loans given to farmers.

The move, though bringing respite to debt-ridden farmers, also raised uproar in the House with opposition parties labeling the move as an attempt to attract the large segment ahead of the polls.

In all, four crore farmers are expected to benefit from this waiver, of which three crore are small and marginal farmers.

The minister also announced a special grant of Rs 20 crore for tea research institutes and Rs 644 crore for National Agriculture Insurance for Rabi and Kharif crops.

Weather-based crop insurance scheme has been issued Rs 50 cr.

Thanking the UPA government for allowing him to present all its five national budgets, Chidambaram opened his budget speech and said this was a "rare honour" which he shared with Prime Minister Manmohan Singh.

"The economy is expected to grow by 8.7 per cent," he said, referring to the growth for this fiscal projected by the Economic Survey tabled by him a day earlier. "But I personally think, the growth would be slightly higher at 8.8 per cent."

Starting his speech with concerns over inflationary pressures on account of both domestic and global developments, Chidambaram said the intention of his government was to make growth more inclusive with focus on the social sector and agriculture.