Takesingh (55), who had consumed poison on July 4 died this morning, said police.
The incident took place at Ajangaon Pipliya in Khargone district, about 340 kilometers from the state capital.
While the family members of Takesingh said he took the extreme step due to the debt burden and failure of crops, police said investigation into the matter was currently underway.
"He was under duress due to a loan of about Rs 8-10 lakh, which he had taken collectively from banks, societies and private lenders.
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Additional Superintendent of Police (ASP) Antar Singh Kanesh said Takesingh had consumed poisonous substance on July 4 at Ajangaon Pipliya under Bhikangaon police station.
"Takesingh was admitted to a private hospital after he consumed poisonous substance on July 4. The family members took him home on seeing improvement in his condition during the treatment. He died this morning," Kanesh said.
He said that a case has been registered and further investigation is underway.
On the other hand, the state Congress claimed that over 55 farmer suicides took place in a month.
Since June 8, farmers suicides were reported from Sehore, Hoshangabad, Raisen, Dhar, Neemuch, Mandsaur, Sagar, Chhatarpur, Narsinghpur, Sehore, Tikamgarh and Vidisha districts.
Western Madhya Pradesh had witnessed a major farmers' agitation over loan waiver and remunerative prices for produce in the first fortnight of June.
Five persons had died in police firing in Mandsaur district on June 6 during this agitation.