The Manifesto was released by Manifesto committee chairman Kanwar Sandhu at a party rally here which was later addressed by AAP national convenor and Delhi chief minister Arvind Kejriwal.
Sandhu said that the party will re-enact Sir Chhotu Ram Act of 1934 (Moneylenders' Debt) in which under no circumstances will the sum of interest payable exceed the principal amount.
Every property mortgaged by a debtor whose debt is deemed to be discharged shall stand released, Sandhu said adding that no indebted farmer shall be dispossessed of his land holdings and house.
He said that loans of poor farmers and farm labourers will be waived off and loans of SCs and BCs will also be waived off.
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"Interest on loans of other farmers will be waived off. Punjab farmers to be debt free by December 2018," he said.
To make up crop loss, compensation of Rs 20,000 per acre for crop loss due to drought, floods, pest attack, unseasonal rain, will be given, he said.
In the event of crop failure, farm labourers shall be given a compensation of Rs 10,000 for every month of loss of work, the AAP leader said.
Full implementation of Swaminathan Commission Report on crop pricing will be done by December 2020.
He said that re-registration of land acquired for the Sutlej Yamuna Link (SYL) Canal by Congress and Shiromani Akali Dal governments earlier, will be done in the name of original owners.
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Free medical treatment in government hospitals and cashless treatment up to Rs 5 Lakh per year in private hospitals for every farmer, farm labourer and his family will be provided, he said.
As per the Manifesto high-level and time-bound inquiries will be initiated against Agriculture Minister, Tota Singh, Food and Civil Supplies Minister, Adesh Pratap Singh Kairon, Revenue Minister, Bikram Singh Majithia, Rural Developments and Panchayats Minister, Sikandar Singh Maluka and others.
Provision of life imprisonment will be there for those involved in manufacture and sale of spurious pesticides, insecticides and spurious milk and their properties shall be confiscated, Sandhu said.
The old age pension shall be increased from Rs 500 to Rs 2000.
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Having faced flak for using the image of the Golden Temple on the cover page of its 'Youth Manifesto' for Punjab polls, AAP has exercised caution this time and kept the cover page of its 'Farmers Manifesto' simple.
The cover page has a picture of party's national convener and Delhi Chief Minister Arvind Kejriwal with a farmer on a tractor in the background.
The party has decribed "Farmers and Farm labourers manifesto" as "Kejriwal's commitment to Punjab".
AAP's election symbol "broom" also finds a place on the cover page of the farmers' manifesto.
The party was criticised for using the image of the Golden Temple on the cover page of its youth manifesto, released in July, with its election symbol of broom superimposed on it. Political parties had accused it of hurting the religious sentiments of Sikhs.