This report provides a comprehensive analysis of farm loan waivers (FLWs) in India, evaluating their historical context, fiscal implications, and effectiveness as a policy instrument for agrarian distress. Drawing from empirical evidence, it scrutinizes the rationale behind FLWs and unpacks their limited utility in sustainably addressing rural indebtedness and structural agricultural challenges. This report highlights that while politically expedient, FLWs often exclude the most vulnerable farmers and distort formal credit markets. The study further explores the economic trade-offs involved, including diversion of public resources and moral hazard risks. With case-based assessments and state-level insights, the report emphasizes the need for long-term strategies focused on income support, institutional credit reform, and holistic rural development. It concludes with forward-looking recommendations for policymakers to reorient support mechanisms towards resilience-building rather than one-time debt relief.