Loan waiver will give farmers' relief: Karnataka Minister

The move has lent credence to reports of the Congress preparing to go in for early assembly polls.

Karnataka has joined the list of the states that have announced loan waiver for farmers in recent times.

By waiving off loans partially from state-run cooperative banks, Siddaramaiah has put the ball in the centre's court.

The chief minister's decision to waive off farmers' loans up to Rs 50,000 will benefit around 22, 27, 506 farmers in the state.

More news: Uber may ask CEO Travis Kalanick to step down temporarily

Post Maharashtra and UP loan waiver, the company saw marginal improvement in collection rates. "The chief minister may deny it".

Crop loans obtained from cooperative banks amount to just 20 per cent, while 80 per cent is from nationalised and grameen banks that come under the ambit of the Central government, he added. "I appeal to Siddaramaiah to doube the cooperative loans waiver limit to Rs 1 lakh", said Chandrashekar, an independent lawmaker who represents Karnataka Rajya Raitha Sangha.

Even without factoring in the loan waivers, the gross state development loans issued by the state governments are to rise from Rs 3.8 lakh crore in 2016-17 to Rs 4.5 lakh crore in 2017-18, according to an Icra estimate. And if Modi refuses, he and the BJP will be portrayed as "anti-poor" and "anti-farmer" by the Congress. Many other states charge for electricity from farmers, whereas in Karnataka, the government pays on behalf of the farmers.

Siddaramaiah appears to have relented after a nudge from Congress vice-president Rahul Gandhi. "We also give farmers incentives on milk production", he said. The revised rule allows farmers owning vehicle up to Rs 10 lakh to take loan advance under the inititaive.

More news: Irving saves his best for when Cavs face Finals elimination

Finance Minister Arun Jaitley had yesterday said that the Centre was not considering any proposal for farm loan waiver, and it intends to adhere to the Fiscal Responsibility and Budget Management (FRBM) Act and fiscal deficit targets.

The total farm loans in Karnataka stands at over Rs1.16 trillion.

This was followed by Rs 30,000 crore farm loan waiver in Maharashtra amidst large-scale protests.

Keeping up the poll promise, Uttar Pradesh was the first state this year to announce Rs 36,359 crore farm debt waiver for small and marginal farmers.

More news: Fans in focus at major E3 video game trade show


Popular
  • Soy growers oppose rollback of Cuba normalization policy

    Soy growers oppose rollback of Cuba normalization policy

    The new policy will keep USA companies from doing direct financial transactions with companies controlled by the Cuban military. Marco Rubio, who helped craft the new policy , continues to sell it, with an op/ed in the Miami Herald , co-authored by Sen.

    Republicans divided as Trump reverses some Obama Cuba policy

    A former Cuban soldier who arrived in the U.S.by boat in 1959, he said that that Trump measures were the right ones to take. Commercial flights and cruises between the US and Cuba are set to continue under an exemption, as US President Donald J.

    First gameplay trailer for Mario + Rabbids Kingdom Battle

    Among the many announcements by Ubisoft, there was also an ominous presentation of a VR thriller called Transference . Consequently, Mario + Rabbids has a unique flavor with a focus on strategy and tactics.
  • Police Say Road Rage Led To Killing Of Muslim Girl In Virginia

    If Torres had a pending application for legal status, ICE would have a record of it, an immigration official told BuzzFeed News. Fairfax County police said if they find any evidence the slaying was a hate crime, they will pursue appropriate charges.

    Warriors' Game 5 win wraps up highly-watched NBA Finals

    For the NBA Finals , Kevin Durant averaged 35.2 points, 8.4 rebounds and 5.4 assists [VIDEO ]. I'm just so happy Kevin has broken through. "We encourage people to pick one or the other.

    European Union ready for Brexit negotiations, says Merkel

    Sterling tumbled as much as 2.5 percent on the result while the FTSE share index opened higher. A hung parliament surely throws the Prime Minister's preferred Brexit timetable into doubt.
  • Theresa May sidesteps questions about response to Grenfell Tower disaster

    Members of the emergency services work inside burnt out remains of the Grenfell apartment tower in North Kensington, London . Anger over the causes of the fire and the government's handling of the tragedy have grown during the week.

    New York Times sues FBI to get notes of Comey-Trump talks

    After all, fired FBI Director James Comey pretty much telegraphed that during his congressional testimony last week. It appears Trump is referring to Rod Rosenstein , who set the stage for Comey's dismissal in a letter to Trump.
    The Crew 2 Lets Players Race Pretty Much Anything

    The Crew 2 Lets Players Race Pretty Much Anything

    The Crew 2 aims to capture the thrill of the American motorsports spirit in one of the most exhilarating open worlds ever created. You won't just off-road alongside the mighty Mississippi River, you'll also speed down its waterways in a powerboat.
  • GE CEO Jeff Immelt Stepping Down

    GE CEO Jeff Immelt Stepping Down

    Joyce O'Rourke, Flannery's junior year homeroom teacher, said Flannery was your "typical, fun-loving, all-around good kid". On Monday, GE reached a deal with USA regulators to win approval of its purchase of oilfield service giant Baker Hughes.
    Naga rebel SS Khaplang forgiven in death

    Naga rebel SS Khaplang forgiven in death

    Khaplang, whose faction had pulled out of the ceasefire with New Delhi, carried a reward of Rs 7 lakh on his head for his capture. Khaplang, a Hemi Naga from Myanmar, formed the NSCN on January 31, 1980 along with Isak Chishi Swu, and Thuingaleng Muivah.
    Israel pushes ahead with plans for 3000 settlement homes

    Israel pushes ahead with plans for 3000 settlement homes

    Prime Minister Benjamin Netanyahu's speech pledging his continued commitment to expanding settlements proves just that. On Tuesday, the premier told settlers he would keep building across the West Bank.

CONNECT