Published: Thu, June 22, 2017
World Media | By Joan Schultz

CM pulls off master stroke with loan waiver

CM pulls off master stroke with loan waiver

Crop loans taken from state cooperative societies account for Rs10,736 crore (20-22% farmers), while loans taken from nationalised and commercial banks account for over Rs42,000 crore (around 80% of farmers), Siddaramaiah said.

In another tweet, the chief minister said that loans worth Rs 8,165 crore would thus be written off, benefiting 22,27,506 farmers in the state.

The move comes amid the Siddaramaiah-led Congress government facing enormous pressure to dole out loan waivers to farmers after Uttar Pradesh, Maharashtra and Punjab made similar announcements.

The government has chose to form a committee to set the criteria to waive off loans. Shah will be in Bengaluru for three days from August 3 to draw up the party's poll strategy for Karnataka Congress sources said the state government had plans to announce the loan waiver in the winter session, a few months before the polls. "The government has not yet issued any letter to the banks about whatever was its decision", said Lomte, who attended the meeting of a group of ministers and the committee in Mumbai on Monday.The farmers' leader said the GR is ambiguous and issued without taking the steering committee into confidence as was decided and following which the farmers withdrew their strike. Thus farmers who had applied loan after this date will become ineligible for waiver.

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

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Modi and urged him to waive off the loans of the farmers but he didn't take any action.

Post Maharashtra and UP loan waiver, the company saw marginal improvement in collection rates.

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

Earlier on June 19, Punjab Chief Minister Captain Amarinder Singh announced total waiver of entire crop loans up to Rs 2 lakh for small and marginal farmers up to 5 acres, and a flat Rs 2 lakh relief for all other marginal farmers, irrespective of their loan amount. Successive drought periods during the last two years had deeply affected agriculture in the State, he pointed out. Similarly, the Rs 36,360-crore loan waiver announced by UP is a substantial 2.6% of its GSDP.

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