English
Karnataka Budget 2023: In a piece of good news for the farmers, Karnataka CM Basavaraj Bommai has announced an increase in the limit of interest-free short-term loan to farmers from Rs 3 lakh to Rs 5 lakh from the coming financial year. The announcement came during the state budget 2023-24 on Friday. The chief minister said the proposed increment in the short-term farm loan will come into force from April 1, 2023.
The chief minister further added that the move would ensure the availability of hassle-free and need-based loan facilities for making necessary preparation for farm-related activities.
He said the increased loan amount will directly help more than 30 lakh farmers in the state and a total amount to the tune of Rs 25,000 crore is estimated to be disbursed.
“This year, a loan of Rs 25,000 crore will be distributed to more than 30 lakh farmers,” he said.
He further added that the state government has decided to give an additional subsidy of Rs 10,000 in the year 2023-24 under a new scheme ‘Bhoo Siri’ for ‘Kisan Credit Card’ holders. This would facilitate the farmers to purchase seeds, fertilisers, pesticides and other farm inputs in times of exigencies, the Chief Minister said.
Apart from this, the state government would also contribute Rs 2,500 and NABARD (National Bank for Agriculture and Rural Development) would give Rs 7,500. “This will benefit around 50 lakh farmers of the state,” he said.
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