Karnataka budget 2018 LIVE: CM announces Rs 34,000 crore farm loan waiver

Karnataka Chief Minister HD Kumaraswamy presented the maiden Budget of the Congress-JD(S) coalition government for fiscal 2018-2019 in Bengaluru on Thursday (July 5).

The budget was presented at 11:30 am.

 Here are the key takeaways from the budget:

• CM Kumaraswamy has announced a Rs 34,000 crore farm loan waiver. 
• Each farmer family will get a loan waiver up to Rs 2 lakh.
• The Karnataka CM has also proposed to hike power tariff by 20 paise per unit
• Petrol price will be hiked by 1.14 per ltr and diesel price will go up by Rs 1.12 per ltr.
• Alcohol prices will also soar up as Kumaraswamy has proposed a 4 percent tax hike on liquor in Karnataka.
• Bangalore will also benefit from the budget. While Bellandur lake will get a new lease of life, elevated corridors will be constructed at 6 different locations to benefit commuters.
• Rice, which is distributed under the Anna Bhagya scheme has been reduced to Rs 5 a kg.

The CM has now defended the budget and said that people must understand it's a coalition budget. 

"We are united, nobody can touch the government," News 9 quoted Kumaraswamy as saying.

BS Yeddyrappa, The leader of BJP,  the prime opposition party in Karnataka has slammed the budget and said that the CM has burdened common man by hiking fuel prices. He also added that Kumaraswamy ha cheated the farmers and that there is no clarity on the mobilisation of funds for Rs 34,000 crore farm loan waiver.

Kumaraswamy has also said that Rs 14,123 crore will be invested for social welfare and  Rs 10,200 crore will be allocated for PWD.

Kumaraswamy has allocated Rs 150 crore to get government schools and college buildings repaired.

Rice, which is distributed under the Anna Bhagya scheme has been reduced to Rs 5 a kg.

Bengaluru will be getting elevated corridors at 6 locations of the city.

The Karnataka budget has allocated Rs 150 cr for the implementation of Israel model of agriculture, which is said to be a highly developed industry, excelling in fresh produce. Israel is said to be world-leader in agricultural technologies.

Kumaraswamy has announced 50 percent motor vehicle tax for private service vehicle.

The maiden budget of the Congress-JD(S) government will also benefit religious mutts in Karnatakaa. The CM has announced a Rs 25 crore financial aid to various religious mutts.

The Karnataka CM has also proposed to hike power tariff by 20 paise per unit.

The Bellandur lake which has been suffering for a long time owing to dumping of sewage and garbage will soon be revived. The CM has allocated Rs 50 crore  to rejuvenate it. 

According to the CM Sll government schools will soon get a biometric attendance system. Both students as well as teachers will have to punch in and punch out. 

The CM has proposed to hike full cess on petrol and diesel in the budget. He said that petrol price will be hiked by 1.14 per ltr and diesel price will go up by Rs 1.12 per ltr.

While presenting the coalition budget, HD Kumaraswamy proposed a 4 percent tax hike on liquor in Karnataka.

The CM has said that the each farmer family will get a loan waiver up to Rs 2 lakh.

Kumaraswamy has said that the schemes introduced by Siddaramaiah will continue to function

"Our government is committed to overall development of Karnataka. Previous government's welfare schemes will continue," said the CM, reported News 9.

CM announces Rs 34,000 crore farm loan waiver.

• The CM said that he is committed to fulfil the promises he has made in Congress, JD(S) manifesto.
• He also said that he will focus on agriculture and also the services sector.
• The CM has also introduced austerity measures to check unnecessary expenditure.

CM HD Kumaraswamy has said that mobilising resources for farm loan waiver is his priority.

People of Karnataka has great expectations from the budget.

The CM has started presenting the budget in the assembly.

CM HD Kumaraswamy has expressed happiness over the presentation of budget and said that he has prepared the budget with a lot of patience, reported News 9.

Karnataka cabinet has approved the state budget for 2018-19.

In 2017, former CM Siddaramaiah had announced the waiver of Rs 8,165 crore worth of crop loans taken by agriculturists from cooperative banks. He had done so in response to the pressure given by farmer groups, opposition parties and similar waivers in other states. The move had reportedly benefited at least 22,27,506 farmers in the state.

Reports have claimed that a Rs 2.25 lakh crore worth budget will be presented  by the CM. 

The farmers in Karnataka are suffering from crop losses due to continuous droughts or floods over the last few years. 

Kumaraswamy had promised to waive farm loans during the run-up to the recent assembly polls, which took place on May 12.

The farmers had borrowed extensively from both cooperative and nationalised banks.

"Farm loans equivalent to Rs 10,000 crore are likely to be waived along with interest on them, as decided at a special meeting the Chief Minister held with Cooperation Minister Bandeppa Khashempur and Agriculture Minister NH Shivashankara Reddy on June 25," IANS had quoted an official as saying.

CM Kumaraswamy said that people are expecting new programmes and policies from the newly-formed government.

"I am bound by the people's verdict to present the full budget after the May 12 Assembly polls, in which about 100 new legislators were elected and expect me to present programmes and policies of the new government," Kumaraswamy told reporters on June 19.