BJP government is set to plan on a universal debt relief scheme for small borrowers.
The scheme will be soon implemented after the government comes into the rule again. Thus, the declaration of the scheme implementation will be after the general election result day May 23rd, 2019.

Individuals will be having the option to avail the scheme, it will not be a compulsion on them.
This scheme is structured with proper planning. There will be a 'personal insolvency cell' or a division in Insolvency and Bankruptcy Board of India (IBBI) to handle the debt relief case.

Details of the new loan waiver scheme:

Eligibility- Individual below a specified income and asset threshold with an annual income of Rs 60,000, outstanding loans of Rs 35,000 or less and assets worth Rs 20,000 or less

Estimated total cost - More than Rs 20,000 crore.

Target individuals- Millions of Small-ticket loan bracket, Micro-enterprises, Small farmers, artisans, and micro enterprises.