Karnataka CM Kumaraswamy presents his 1st budget; waives off farmer loan

“To facilitate the farmers to avail new loans action will be taken by the government to issue clearance certificate by waiving the arrears form the defaulting account. For this purpose, Rs 6500 crore is earmarked in 2018-19 budget”

image courtesy: ANI

Karnataka: In a major announcement, Chief Minister Kumaraswamy on Thursday waived off all defaulted crop loans of farmers upto 31 December 2017 while presenting the first budget of his newly formed government. “I have decided to waive all defaulted crop loans of farmers up to 31 Dec 2017 in the first stage. Farmers who repaid the loan within time,as an encouragement to the non defaulting farmers, I have decided to credit the repaid loan amount or Rs 25000 whichever is less” Chief Minister said. “I have decided to limit the loan amount to Rs 2 lakhs. Due to this crop loan wiaver scheme, farmers will get the benefit of Rs 34,000 crore” he added. He further added saying, “To facilitate the farmers to avail new loans action will be taken by the government to issue clearance certificate by waiving the arrears form the defaulting account. For this purpose, Rs 6500 crore is earmarked in 2018-19 budget”

I have decided to waive all defaulted crop loans of farmers up to 31 Dec 2017 in the first stage. Farmers who repaid the loan within time,as an encouragement to the non defaulting farmers, I have decided to credit the repaid loan amount or Rs 25000 whichever is less: Karnataka CM pic.twitter.com/VeRUhM3DT5

— ANI (@ANI) July 5, 2018

I propose to increase the rate of tax on petrol from the present 30% to 32% and diesel from 19% to 21%, so petrol price will be increased by Rs.1.14/ltr and diesel by Rs 1.12/ltr: Karnataka CM HD Kumaraswamy while presenting the budget pic.twitter.com/9VqBhtEkGU

— ANI (@ANI) July 5, 2018

The burden on the other hand, has been put on the middle class by increasing the fuel prices. “I propose to increase the rate of tax on petrol from the present 30% to 32% and diesel from 19% to 21%, so petrol price will be increased by Rs.1.14/ltr and diesel by Rs 1.12/ltr” he said.