IndianMoney.com Research Team | Updated On Tuesday, November 13,2018, 06:39 PM
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The Chief Minister of Karnataka, H.D.Kumaraswamy, presented the Congress-JD(S) Government’s maiden budget. Yes, this was the first budget for the new Chief Minister. You must be keen to know what came out of the Karnataka State Budget 2018-19. Did the Government waive off farm loans? What about the development of Bengaluru? Let’s find out.
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State Budget 2018-19
Before the recently concluded Karnataka Assembly Elections in May 2018, the JD(S) led by H.D.Kumaraswamy, made a promise to waive farm loans to farmers who had availed these loans from all Co-operative and Nationalized banks, within 24 hours of coming to power.
1. The Karnataka Government waives farm loans
The Government waived off farm loans of up to Rs 2 Lakhs per farmer family. This amounts to Rs 34,000 Crore farm loan waiver. This is what CM Kumaraswamy had to say on farm loan waiver. “ I have decided to waive off defaulted crop loans up to 31st December 2017 in the first stage.
Farmers who have repaid loans within time, as an encouragement to the non defaulting farmers, I have decided to credit the repaid loan amount or Rs 25,000, whichever is less.
Karnataka State farmer’s advisory committee consisting of progressive farmers to be formed to improve farmer participation.
There’s a grant of Rs 150 Crores to introduce an Israel model dry land irrigation in Kolar, Chitradurga, Koppal and Gadag.
A sum of Rs 50 Crores for the Andhra Pradesh Model Zero Capital Natural Farming Project.
Rs 150 Crores to adopt the Israel model of irrigation in the horticultural sector in Karwar, Yadagiri, Haveri and Tumakuru.
An assistance of Rs 190 Crores to protect the interests of Coconut growers who have suffered unproductively because of the drought situation in 2017.
A grant of Rs 5 Crores to encourage Startup Companies for complimenting new innovations in agriculture.
3. Something for the Silk Industry
Silk cocoon market would be established in the Mysuru district at the cost of Rs 3 Crores.
An amount of Rs 2 Crores would be used to create marketing opportunities for silk by-products.
A sum of Rs 5 Crores for the rejuvenation of the KSIC Karnataka Silk at Channapatra.
Anganwadis would be shifted to Government School premises and strengthened in 4100 schools and developed child friendly centers.
There will be a merger of 28,847 Government and aided schools with less admission rate in a Km radius with 8,530 nearest Government schools to enhance the quality of education.
There will be a special package of Rs 250 Crores for infrastructure development in Government graduate and PG Colleges.
3 Skill oriented universities to be established. A grant of Rs 9 Crores to set up a University of Sports and Body Building in Tumakuru, Homeland Security University in Shivamogga district, Tourism University at Hampi.
An amount of Rs 3 Crores to open a crowd funding portal, to seek assistance from old students of schools under CSR.
5. Health and Family Welfare
A new medical college would be established at Kanakapura.
A sum of Rs 30 Crores for the up gradation of Mandya Medical Sciences Institute Hospital to 800 Hospitals.
Rs 12 Crores for the establishment of a separate unit at Kidwai Cancer hospital for bone marrow transplant treatment.
New 450 Bed hospitals will come up at Gadag, Koppal, Chamarajanagar and Hassan Medical Colleges.
6. Something for employment
Social entrepreneurship to provide financial assistance up to Rs 10 Lakhs for 5000 SC/ST unemployed youth to take up income generating activities.
Employment based technical training to 5,000 unemployed SC/ST at a sum of Rs 15 Crores.
Assistance to train SC/ST graduates for competitive examinations in Kalaburagi city.
7. Fuel/ Power and Liquor gets costly
The Karnataka CM announced a hike of Rs 1.14 a Litre on Petrol and Rs 1.12 a Litre on Diesel.
The CM also hiked additional excise duty on all brands of Indian Made Foreign Liquor (IMFL) by 4%.
Tax on consumption of electricity raised from 6% to 9%.
Private vehicles will cost more as CM has hiked motor vehicle tax by 50% based on square meter floor area.
There is an approval of the phase 3 of the Bengaluru Metro.
A sum of Rs 15,825 Crores will be spent on six elevated corridors.
Slums to be developed via PPP Model guidelines will be issued in 2019-20.
Chief Minister’s one lakh houses scheme to be extended to the cities of the State.
Anna Bhagya the flagship scheme of CM Siddaramiah gets a cut. The provisions for 7 Kg free rice has been reduced to 5 Kgs.
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IndianMoney.com Research Team
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