Karnataka waives crop loan up to Rs 50,000 per farmer

The Karnataka government on Wednesday announced crop loan waiver of up to Rs 50,000 per farmer that will cost Rs 8,165 crore to the state exchequer.

The move announced in the assembly will help about 22,27,506 farmers who have obtained loans from cooperative banks.

“Farmers are in distress. They have been demanding loan waiver. We have to respond to farmers, even though it will have an impact on state’s finances,” chief minister Siddaramaiah said.