This regulation assumes importance because, on average, cases of farmer suicides are said from Karnataka each day.
BENGALURU: The Legislative Assembly handed the Karnataka Debt Relief Bill-2018 on Wednesday, to ease the burden on the wallets of small farmers, landless agricultural laborers and the economically weaker sections. The bill will remain in impact for 365 days after it comes into force, following presidential assent.
This law assumes importance due to the fact, on common, cases of farmer suicides are said from Karnataka every day. National data display that Karnataka is a number of the top four states in terms of farmer suicides, and a large a part of these incidents are prompted using financial issues. This grim state of affairs has been made worse through the drought conditions in more than 90 in line with a cent of the country.
The move will gain lakhs of indebted small farmers and agricultural laborers across the country, many of whom are in perennial debt and deliver it forward 12 months on the year, being capable of pay simplest the interest and now not the predominant amount. This comfort will set them unfastened from the clutches of cash-lenders and pawnbrokers who charge excessive rates of the hobby and are even stated to use violence during healing. There are thousands of unlicensed money creditors throughout the nation, and the indebtedness of the farmer to them might be over Rs 1 lakh crore. The institutional credit amount changed into inside the variety of Rs 44,000 crore.
Cooperation Minister Bandeppa Kashempur had talked about that this may advantage lakhs of indebted rural farmers. Kashempur delivered that lots of attempts had gone into the practice of the bill. The debt relief invoice changed into initiated first in 1976 and once more in 1980. When contacted by way of The New Indian Express, Kashempur stated, “Now that this bill has been handed, we are running towards putting in place a debt remedy commission like has been executed in Kerala.’’