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Tuesday, November 28, 2023
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Karnataka Waives Off Farm Loans

Bengaluru: With a view to preempting the rising political pressure and the opposition, the Congress ruled Karnataka has given relief to the famers facing draught in the state and announced crop loan waiver of up to Rs 50,000 per farmer. According to the estimates, the scheme will cost Rs 8,165 crore to the state exchequer.


The decision to waive the loan was announced by the Chief Minister Siddaramaiah in the state assembly which he said will help about 22,27,506 farmers who have taken loans from cooperative banks.


Siddaramaiah said farmers in Karnataka had taken loans to the tune of 10,734 cr from the cooperative banks whereas the 80 per cent or 41,483 crore were obtained from nationalised and grameen banks.


Stating that his government is a well wisher of the farmers, Siddaramaiah said farmers are in distress and demanding loan waiver. Taking their distress into account our government has waived the loans for them. He also criticized Arun Jaitley for ruling out any support from the centre in bearing the fiscal cost of farm loan waiver programmes.


Siddaramaiah asked the Centre to come forward to help the farmers who have taken loans from nationalised and grameen banks.


Fourth State to Waive Loans

After Uttar Pradesh, Maharashtra and Punjab Karnataka is the fourth state to 4th State to waive off farm loans in 2017. Punjab is the third state to waive off farmer loans.


The state BJP said the loan waiver decision was due to its constant struggle for the same.