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Wednesday, June 21, 2017

Karnataka Becomes 4th State to Waive Off Farm Loans, Announces Rs 8,167 Cr Relief Wednesday June 21,2017

Karnataka Chief Minister Siddaramaiah on Wednesday June 21,2017 announced that the state will waive off farm loans up to Rs 50,000 which were taken till June 20, costing the state exchequer Rs 8,165 crore.

Siddaramaiah made the surprise announcement in the Assembly, putting the Opposition on back foot, at least temporarily. The BJP, principal opposition party in the state, welcomed the move

With this, Karnataka has become fourth state to announce partial farm loan waiver after Uttar Pradesh, Maharashtra and Punjab.

This waiver would benefit about 22 lakh farmers across Karnataka. Karnataka was under severe drought for the last three years and the burden of repayment of loans was becoming unbearable to the farmers

Note

Yogi Adityanath-led government in Uttar Pradesh had also approved waiver of farm loans up to Rs 1 lakh, fulfilling a major election promise made by the BJP. According to state government, the decision will benefit 2.25 crore farmers and is likely to cost the state exchequer Rs 36,000 crore

Maharashtra Chief Minister Devendra Fadnavis had also announced a farm loan waiver on June 4. He said the waiver will come into force by October 31, 2017, and will be restricted to small and marginal farmers with land holdings of five acres. Around 40 lakh farmers are estimated to benefit from the step

Punjab Chief Minister Amarinder Singhannounced a waiver of up to Rs 2 lakh for small and marginal farmers (up to 5 acres) and a flat Rs 2 lakh relief for all other marginal farmers, irrespective of their loan amount.

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