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Karnataka Chief Minister HD Kumaraswamy on Thursday presented the first budget of his Janata Dal (Secular)-Congress coalition government in the Vidhana Soudha.

In a big relief to the farm sector, Karnataka Chief Minister H D Kumaraswamy today announced a mega Rs 34,000 crore farm loan waiver scheme in the maiden budget of the Congress-JDS coalition government.

"To facilitate the farmers to avail new loans action will be taken by the govt to issue clearance certificate by waiving the arrears form the defaulting account. For this purpose, Rs 6500 crore is earmarked in 2018-19 budget: Karnataka CM HD Kumaraswamy while presenting the budget," Kumaraswamy was quoted as saying by news agency.

"I have decided to limit the loan amount to Rs 2 lakhs. Due to this crop loan wiaver scheme, farmers will get the benefit of Rs 34,000 crore."During the recent assembly polls in the state, Kumaraswamy had promised to waive farm loans borrowed both from cooperative and nationalised banks within 24 hours of coming to power.

"I have decided to waive all defaulted crop loans of farmers up to 31 Dec 2017 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 25000 whichever is less," Kumaraswamy further said.

With the waiver scheme imposing a huge burden on the exchequer, he also announced proposals to mop up additional resources, including increase in the rate of tax on petrol by Rs 1.14 per litre and diesel by Rs



1.12 per litre.

He also proposed a hike in the additional excise duty on Indian-made liquor by 4 per cent across the board on all 18 slabs. 

Kumaraswamy recalled his assurance to waive all types of crop loans of farmers taken for agricultural activities within 24 hours of formation of a full-fledged government.

"However, even though the people of the state have not blessed a single party government, I have been provided with a good opportunity to form a coalition government and to work as chief minister of that coalition," he said.

Besides this, it has been decided to credit the repaid loan amount or Rs 25,000, whichever is less, to each of the farmers account, to help farmers who had repaid the loan within time, the chief minister said.

The families of the government officials and officials of the cooperative sector, farmers who have paid income-tax for the past three years and other ineligible farm loan recipients will be outside the purview of the loan waiver scheme. 

During the recent assembly polls in the state, Kumaraswamy had promised to waive farm loans borrowed both from cooperative and nationalised banks within 24 hours of coming to power.

On July 1, the Congress-JD(S) coordination committee was constituted to oversee smooth functioning of the government to approve the Common Minimum Programme, which includes waiver of farm loans, creation of one crore jobs and allocation of Rs. 1.25 lakh crore for irrigation over the next five years.
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