Karnataka Budget- CM Bommai Announces Farmer-Friendly Schemes

On Friday, Karnataka Chief Minister Basavaraj Bommai announced an increase in the limit of interest-free short-term loans given to Indian farmers from Rs 3 lakh - Rs 5 lakh from the next financial year.

Presenting the 2023-34 budget in the state Legislative Assembly, CM Bommai, who also holds the finance portfolio, said, this would make sure the availability of hassle-free and need-based loan facilities for making necessary preparation for agri-related activities.

He said, “In 2023, a loan of Rs 25,000 crore will be distributed among more than 30 lakh farmers.”

The Karnataka CM said, “under a new scheme ‘Bhoo Siri’ the government has decided to provide an additional subsidy of Rs 10,000 in the year 2023-24 for ‘Kisan Credit Card’ holders. This would encourage the farmers to purchase, fertilizers, seeds, pesticides, and other farm requirements in times of difficulties.”

The state would contribute Rs 2,500 and NABARD would give Rs 7,500. “This will be beneficial for around 50 lakh farmers of Karnataka,” he said. Assembly elections in the state are expected to be held during April-May.

The Chief Minister has also announced the ‘Shrama Shakthi’ scheme in the budget. Through direct benefit transfer, it will provide financial assistance of Rs 500 per head every month to landless women farm labourers.

He also announced free education in Government Pre-University and Government Degree Colleges under the ‘CM Vidya Shakti Scheme’ which will aim at enabling all children who graduate from high school to continue their higher education. This will be beneficial for about eight lakh students of Karnataka.

Bommai said this is a “revenue-surplus” budget and revenue receipts are estimated to be more than revenue expenditure by Rs 402 crore.

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