Karnataka CM aims for farmers' hearts, waives off farm loans

Chief Minister finally announced to waive off farm loans of Rs 50,000 of each farmer 22,27,506 farmers who have raised loan from co-operative banks will benefit from this decision It will burden the state exchequer with Rs 8,165 crore but farmers are smiling

Finally, Chief Minister Siddaramaiah has finally yielded into the growing pressure and announced to waive off farm of Rs 50,000 of each farmer raised in co-operative banks. This is undoubtedly a master stroke by chief minister Siddaramaiah ahead of the polls, next year. Also, he has silenced the Opposition parties who had been criticising him to no end.

Farmers who have raised loan in co-operative banks will get a waiver up to Rs 50,000 until June 20. The government's move is expected to benefit 22,27,506 farmers in the state while the state exchequer will be burdened with Rs 8,165 crore.

Opposition parties had been demanding the chief minister to waive off the loan. Other day, JD(S) state president HD Kumaraswamy had even said that, he would waive off the loan within 24 hours if his party comes to power in the next elections. Eshwarappa too had threatened to lay siege to the Assembly with farmers on July 10, if the state government failed to waive off the loan.

The chief minister had earned the wrath of farm leaders and opposition parties for desisting himself from waiving off farm loans during the budget. As the state is reeling under drought for the past three years and the state had topped the farmers' suicides this year.  Opposition parties had demanded the government to show mercy on farmers.

It may be recalled here that Siddaramaiah had told the Opposition parties that if the Centre agrees to waive off the farm loan, he would certainly follow it. He had even complained that the BJP leaders did not put pressure on prime minister Narendra Modi when delegation from the state (including BJP MPs) urged the Centre to waive off the farm loan in view of drought. However, the Centre has refused to waive off the farm loan in nationalised banks. Now, with Siddaramaiah announcing the farm loan, the ball is in the BJP court whether they will convince the centre to do so.