Farm loan waiver up to Rs.34 crores in maiden budget

Bengaluru: Chief Minister H D Kumaraswamy announced farm loan waiver at a cost of Rs 34,000 crore,  but will cap the limit at loans of Rs 2 lakh. As per the new decision, every farmer household will get Rs 2 lac waiver. The newly-formed coalition government of the Janata Dal (Secular) and Congress presented its first state budget in the Assembly on Thursday.

HDK said, “I have decided to limit the loan amount to Rs 2 lac. Due to this crop loan waiver scheme, farmers will get the benefit of Rs 34,000 crore,”

“All defaulted crop loans of farmers up to December 31, 2017, will be waived 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 25,000 whichever is less,” he added.