Monday, November 19, 2018
 
National News
Karnataka govt waives off Rs 34,000 cr farm loan
 
Karnataka 05 July ,2018(Agencies)

Karnataka Chief Minister H D Kumaraswamy today announced a 34,000 crore rupees farm loan waiver scheme in the maiden budget of the Congress-JDS coalition government. Unveiling the budget proposals in the Assembly, Mr Kumaraswamy, who also holds the finance portfolio, said he has limited the loan amount to 2 lakh rupees, as it was "not right" to waiver higher value crop loan.

To mobilise resources Mr Kumaraswamy has proposed in the budget to increase tax on petrol from 19 to 21 percent, Additional Excise duty on IML by 4 percent, tax on electricity from 6 to 9 percent and Motor Vehicles tax by 50 percent on private service vehicles.

Besides this, it has been decided to credit the repaid loan amount or 25,000 rupees, whichever is less, to each of the farmers account, to help farmers who had repaid the loan within time.

The families of the government officials and officials of the cooperative sector, farmers who have paid income-tax for the past three years and other ineligible farm loan recipients will be outside the purview of the loan waiver scheme.

Media reports that opposition BJP has criticised the budget by saying that imposition of conditions on farmers loan waiver will deprive many farmers from availing the facility. The imposition of fresh taxes has also come in for criticism. The BJP leaders also pointed out that budget allocations are more for Ramanagara, Mandya and Hassan which are condidered as JD(S) stongholds. Most of the programmes of previous Congress Government have found support in this budget.
 
 
 
 
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