India

Karnataka Budget: Govt waives farm loans to the tune of ₹34,000

“I propose to waive farm loans up to ₹34,000 crore, with ₹ two lakh per farmer family,” Chief Minister HD Kumaraswamy said in the assembly while presenting his maiden state budget for fiscal 2018-19

Photo courtesy: Twitter
Photo courtesy: Twitter Chief Minister HD Kumaraswamy before presenting the Karnataka budget on Thursday. 

The Karnataka government on Thursday waived farm loans up to ₹34,000 crore, giving relief to lakhs of farmers across the state.

"I propose to waive farm loans up to ₹34,000 crore, with ₹ two lakh per farmer family," Chief Minister HD Kumaraswamy said in the assembly while presenting his maiden state budget for fiscal 2018-19.

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The budget proposes to raise funds by taxing the petrol fare by ₹1.14 per litre and diesel by ₹1.12 per litre.

"I also propose to increase excise duty on Indian made foreign liquor by 4% to raise additional revenue for meeting the budget expenditure," said Kumaraswamy, who heads a coalition government of his Janata Dal-Secular and the Congress.

The Chief Minister has also proposed to increase power tariff by 20 paise per unit.

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Promising to continue the flagship programmes of the previous Congress government, Kumaraswamy told the legislators that the overall size of the budget would be ₹2,13,734 crore.

"I propose to allocate ₹150 crore for agriculture development based on the Israeli model. We will focus on agriculture as well as the services sector," he said.

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(With inputs from IANS)

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