Karnataka chief minister Siddaramaiah on Wednesday announced the waiver of Rs8,165 crore worth of crop loans taken from cooperative banks, yielding to pressure from farmer groups, opposition parties and similar waivers in other states.
The government will waive crop loans of up to Rs50,000 per farmer availed until 20 June, a move that will benefit 2,227,506 farmers in the state, Siddaramaiah announced to thumping applause in the legislative assembly.
A directive to this effect will be issued at the earliest, the chief minister said.
The decision to waive off farm loans is likely to increase the chances of the Congress government to retain power in the 2018 state assembly elections. It may be recalled that the Congress government at the Centre had waived loans worth over Rs52,000 crore just before the 2009 Lok Sabha elections in which it came back to power.
“Loans worth Rs8,165 crores will be waived, benefitting 2,227,506 farmers across state. We know that empowering farmers is #EmpoweringKtaka,” Siddaramaiah wrote on microblogging site Twitter on Wednesday.
The chief minister also clarified in a tweet that loans up to Rs50,000 will be waived in full and that loans above Rs50,000 will be eligible only if the farmer repays the remaining debt.
Karnataka, which faced a second successive drought year in 2016-17, has been suffering from an acute drinking water shortage and declining agricultural activity.
Shifting the focus on the Union government to do its part, Siddaramaiah requested the Centre to waive off crop loans of Karnataka farmers worth about Rs42,000 crore taken from nationalised and commercial banks. Read More....
The government will waive crop loans of up to Rs50,000 per farmer availed until 20 June, a move that will benefit 2,227,506 farmers in the state, Siddaramaiah announced to thumping applause in the legislative assembly.
A directive to this effect will be issued at the earliest, the chief minister said.
The decision to waive off farm loans is likely to increase the chances of the Congress government to retain power in the 2018 state assembly elections. It may be recalled that the Congress government at the Centre had waived loans worth over Rs52,000 crore just before the 2009 Lok Sabha elections in which it came back to power.
“Loans worth Rs8,165 crores will be waived, benefitting 2,227,506 farmers across state. We know that empowering farmers is #EmpoweringKtaka,” Siddaramaiah wrote on microblogging site Twitter on Wednesday.
The chief minister also clarified in a tweet that loans up to Rs50,000 will be waived in full and that loans above Rs50,000 will be eligible only if the farmer repays the remaining debt.
Karnataka, which faced a second successive drought year in 2016-17, has been suffering from an acute drinking water shortage and declining agricultural activity.
Shifting the focus on the Union government to do its part, Siddaramaiah requested the Centre to waive off crop loans of Karnataka farmers worth about Rs42,000 crore taken from nationalised and commercial banks. Read More....