Karnataka budget: CM Bommai announces farmer-friendly schemes by raising loan term limits, agri subsidies

Bengaluru:  Seeking to woo farmers in an election year, Karnataka Chief Minister Basavaraj Bommai on Friday announced an increase in the limit of interest-free short-term loan given to farmers from Rs 3 lakh to Rs 5 lakh from the coming financial year.

This would ensure availability of hassle-free and need-based loan facility for making necessary preparation for farm-related activities, Bommai, who also holds the finance portfolio, said presenting the 2023-34 budget in the state Legislative Assembly.

“This year, loan of Rs 25,000 crore will be distributed to more than 30 lakh farmers,” he said.