Karnataka Farm Loan Waiver: Chief Minister Siddaramaiah in the state Assembly declared on last Wednesday that the crop loan waiver of up to Rs 50,000 per farmer which is set to cost the state exchequer Rs 8,165 crore. 

The Karnataka government on Wednesday announced crop loan waiver means the government of Karnataka gives up to Rs 50,000 per farmer that will cost Rs 8,165 crore to the state exchequer. This one is the big effort done by the Karnataka in favor of the peasants’ which is really praiseworthy.

Karnataka gives crop loan up to Rs 50,000 per farmer

Image Source: http://images.financialexpress.com

The move announced in the assembly will help about 22, 27,506 farmers who have acquired loans from cooperative banks and the Karnataka sanctioned this issue. “Farmers are in distress. They have been demanding loan waiver. We have to respond to farmers, even though it will have an impact on state’s finances,” chief minister Siddaramaiah stated to various media.

He said in the concentration and interest of agriculture sector, the government has determined and decided to come in order to save of 22,27,506 farmers and waived their crop loan or the short-term loan from cooperative banks, this is wonderful until Tuesday, by Rs 50,000 for each farmer.

A total of 22, 27,506 farmers have taken the loan of about Rs 10,736 crore from cooperative banks in the state.

Siddaramaiah also stated that the Centre will now have to come to the rescue of farmers by waiving the loan obtained by them from the nationalized and grameen banks.

He said the crop loan obtained by farmers from cooperative banks amounts to just 20 percent, while 80 per cent is from grameen, nationalized and others banks that come under the range of the central government.

In the social site everybody is praising Karnataka and also there is trending in the Twitter Pro Farmer Karnataka which is indeed amazing!

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