The Hindu : Karnataka / Bangalore News : Last chance for farmers: Siddaramaiah

Online edition of India's National Newspaper
Friday, Jul 01, 2005

Karnataka

Karnataka - Bangalore

Last chance for farmers: Siddaramaiah

Staff Reporter

BANGALORE: The Deputy Chief Minister, Siddaramaiah, said in the Legislative Council on Thursday that the Government has released to cooperative institutions about 35 per cent of the funds for waiver of interest on loans.

Responding to the Leader of the Opposition, D.H. Shankaramurthy, who wanted to move an adjournment motion on the issue, he said: "This is the last chance for farmers to clear their loans." He added he had been under pressure from farmers' groups and cooperative banks to extend the deadline for repayment of loans.

When Mr. Shankaramurthy said the issue is not about extending the deadline but the need to address the circumstances that lead farmers into the debt trap, Mr. Siddaramaiah said: "This one-time scheme is meant as an incentive for farmers to clear their dues and get ready to avail themselves of the six per cent interest facility." A budgetary provision of Rs. 80 crores has already been made to extend loans at a low rate of interest to farmers. This is an idea appreciated by the Prime Minister, Manmohan Singh.

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