Finance Minister P Chidambaram has said that he will inform Parliament on how the government plans to reimburse the losses incurred by banks on account of the Rs60,000- crore loan waiver package for farmers.

Addressing Congress workers in Chennai, Chidambaram said "I will explain the resources on Friday." He also said that there would be another bonanza when the sixth pay commission submits its report.

He lashed out at the BJP and critics for saying the loan waiver would land some cooperative banks into trouble. He asked rhetorically if he and Prime Minister Manmohan Singh would appear for an examination without having made adequate preparations. "The government will ensure that the banks are adequately compensated," he asserted.

Defending the budget against claims of it being election-oriented, he said, elections and governments may come and go but people's welfare and development should continue. "Those who stalled the proceedings in Parliament raising the farmers' issue were astounded when I announced the waiver of farm loans. Now they ask where are the resources?", he said.

He reiterated that the growth rate of the country had reached 8.8 per cent while it was 5.9 per cent during the BJP-led NDA regime. In case of this steady growth, one crore jobs would be generated every year which would increase the per capita income to 7.2 per cent, he emphasised.