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Karnataka Budget 2018: CM announce farm loan waiver amounting to Rs 34,000 crore

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Karnataka: Presenting the first Karnataka budget for 2018 of his Congress -JD(S) coalition government, Chief Minister HD Kumaraswamy announced farm loan wavier amounting to Rs 34,000 crore in its budget. The previous waiver had cost the state exchequer Rs 8,165 crore.

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This budget has also made the commercial, nationalized, co-operative banks and other funding institutions also know on loan waiver as thousands of farmers have refused to pay to hope that the coalition government will stand by its promise and waive off crop loan.

The decision on the loan waiver was taken at a meeting chaired by Chief Minister H.D. Kumaraswamy and attended by Co-operation Minister Bandeppa Khashempur, Agriculture Minister N.H. Shivashankara Reddy and officials of various departments.

The two parties also agreed on building 2 million new homes and creating 10 million new jobs in the next five years. The farmer’s organisations have pressed for crop loan waiver to the tune of Rs 52 thousand crores in all banks to bail out the farming community that was worst hit from severe drought in past four years.

Meanwhile, when chief minister HD Kumaraswamy is all set to announce his first budget of the coalition government tomorrow, the JD(S) leaders in Dakshina Kannada district will seek divine blessings for the smooth functioning of the assembly session.

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