Government of Karnataka Waived Rs 8165 Crore Farmer Loans

Posted June 22, 2017

In a copycat move to appropriate populism as indulged in by Bhartiya Janata Party (BJP)-run states, Karnataka Chief Minister Siddaramaiah has made a decision to waive loans given to farmers up to Rs 50000, reports Media Report. Farmers who have borrowed loans from the government and cooperative banks until June 20, 2017 will benefit from this scheme. Karnataka's farm loan waiver, which will give much needed relief to an estimated 22 lakh farmers, did not however win the approval of SBI Research economists who said that the past farm loan waiver had resulted in worsening of repayments on future loans.

Further stating that the state government is strongly "pro-farmer", the Chief Minister stated that Karnataka is the first state in country to transfer input subsidies directly to bank accounts of farmers.

Bank stocks, including Karnataka Bank and Federal Bank, continued to remain under pressure falling by up to 2 per cent today after the Karnataka government announced crop loan waiver.

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While talking on the floor of the house, Siddaramaiah throws a challenge to the BJP to persuade the Central government to waive off the rest of the loans in the nationalized banks.

Karnataka is the third state to announce waiver after Uttar Pradesh, Maharashtra and Punjab. Rahul has also sounded out state Congress leaders to prepare for early elections, possibly in December, to reap the goodwill that is expected to be generated among farmers with the loan waiver. Both states have announced farm loan waivers.

The Chief Minister and Congress MLAs also chided BJP over the Centre being non-committal on the issue.

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There have been demands from various quarters, including Opposition parties to write off loans after a severe drought hit over 160 taluks in the state. We have been fighting for the farmers' cause since last two years but the government is not bothered about addressing their grievances. One of the condition was that farmers with four wheelers will not be eligible for the advance loan, This norm has been revised and to say that farmers own who any vehicle up to Rs 10 lakh will be eligible for this instalment.

"We have waived co-operative farm loans".

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