Karnataka Government announces loan waiver for farmers
Bengaluru, Jul 5 (IBNS): Karnataka Chief Minister HD Kumaraswamy on Thursday announced a loan waiver scheme for farmers, in keeping with his electoral promise, made last month, reports said.
The announcement was made while presenting the Congress-JDS Government's maiden budget.
According to reports, the waiver will cost the state exchequer a whopping Rs. 34,000 crore. It would apply to crop loans of up to Rs. 2 lakh. Besides, an exemption will be given to defaulters in the cases of arrears.
The Chief Minister said Rs.6,500 crore has been earmarked in the 2018-2019 budget.
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