Karnataka waives 10 lakh farmers’ loans in 30 days

TNN

February 27, 2019

Bengaluru, Feb 27: Facing flak from the opposition BJP in general and from Prime Minister Narendra Modi in particular over the slow pace of writing off farm loans, the government has accelerated the process, so much so that over 10 lakh farmers have benefited from the scheme in less than a month.

Data shows the JD(S)-Congress government has released Rs 4,163 crore towards the farm loan waiver scheme, benefiting 10.4 lakh farmers, till February 26. The government has so far released Rs 2,363 crore to 6.4 lakh commercial bank accounts and Rs 1,800 crore to accounts of 4 lakh farmers in cooperative banks.

“After identifying beneficiaries through the specially developed software, the seventh list of beneficiaries was released on Tuesday,” said Munish Moudgil, Commissioner, Survey and Settlements and Land Records. “The implementation of the (crop loan waiver) scheme is being accelerated with an aim to cover all eligible crop loans in co-operative institutions and commercial banks at the earliest.”

The scheme was a key electoral promise made by chief minister HD Kumaraswamyin the run up to last year’s assembly election. The opposition BJP has been accusing the JD(S)-Congress government of betraying farmers, saying the benefit had reached only a handful.

Taking advantage of the delay in rolling out the scheme, Modi has been taunting the government and accused the Congress of misleading farmers on loan waiver promises. He said the government is offering “lollipops”. Asked why he described the announcements as “lollipops”, the PM said: “To say a lie and mislead, that is what I call a lollipop.”

Responding to the charge, Kumaraswamy said, “Waiving crop loans is a commitment our coalition government made to farmers of the state to safeguard their interests.”

Although the scheme was announced in July last year, there was inordinate delay in releasing funds as farmers had taken loans from different sources (cooperative banks, public sector banks and private banks) and software had to be developed to identify genuine beneficiaries. The demand for early implementation also mounted pressure on the ruling JD(S)-Congress coalition, especially after Madhya Pradesh, Rajasthan and Chhattisgarh also announced similar schemes.

“Earlier, there were problems regarding verification of Aadhaar and ration cards,” Mallesh, a farmer leader, said. “The issue led to the delay. That was sorted out. But now bankers are proving to be a stumbling block for farmers since they are not making it easy to submit details.”

Loans waived as on Feb 26

* Commercial banks: 6.4 lakh farmers Rs 2,363 crore

* Cooperative banks: 4 lakh farmers Rs 1,800 crore

* Total: 10.4 lakh farmers, Rs 4,163 crore.

* North Karnataka districts will get a major chunk of Rs 46,753 crore being spent for farm loans.

* Rs 29,190 crore will be spent on 12 northern districts

* Old Mysuru, comprising 12 districts, will get Rs 12,073 crore

* Central Karnataka districts will get Rs 3,981 crore

* Three coastal districts will get Rs 1,507 crore.

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PM Modi vows to strengthen India-Maldives ties, inks currency swap deal with President Muizzu

News Network

October 7,2024

New Delhi: Seeking to strengthen bilateral ties, India and the Maldives on Monday inked a currency swap agreement to the tune of $400 million, a move that would help the archipelago nation overcome foreign exchange reserve issues.

Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu also launched Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

Muizzu, who is on a four-day state visit, held talks with Prime Minister Modi at the Hyderabad House here.

After the talks, India also handed over 700 social housing units to the Maldives built under the EXIM Bank’s buyer’s credit facilities.

"Today, we have inaugurated the redeveloped Hanimaadhoo Airport. Now, the Greater Male Connectivity Project will also be expedited. We will also support the development of a new commercial port in Thilafushi," Modi told reporters here with Muizzu by his side.

Modi said India and Maldives have decided to initiate discussion on the Free Trade Agreement to further strengthen economic ties.

The prime minister described Maldives as a "close friend" which had an important position in India's neighbourhood policy and SAGAR vision.

"India has always fulfilled the responsibilities of a neighbour. Today, we have taken up the vision of a comprehensive economic and maritime security partnership to give our mutual cooperation a strategic direction," Modi said.

Earlier, Muizzu was accorded a ceremonial welcome at the Rashtrapati Bhawan by President Droupadi Murmu. Prime Minister Modi was also present on the occasion.

Muizzu was given a tri-services guard of honour before he drove down the Rajghat to offer his respects at the memorial to Mahatma Gandhi.

The ties between India and the Maldives came under severe strain since Muizzu, known for his pro-China leanings, took charge of the top office in November.

Muizzu won the presidential election last year on the 'India out' campaign and asked New Delhi to withdraw its military personnel posted in the archipelago nation by May this year.

The bilateral ties also hit a rocky patch when Maldivian ministers were critical of Modi. However, Muizzu has since toned down his anti-India stance and even sacked ministers who were critical of the Indian prime minister.

As the Maldives was grappling with a serious economic downturn, India has decided to extend vital budgetary support to the Maldives government with the rollover of a $50 million Treasury Bill for another year.

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