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With the impact of three drought years (2014 to 2016) still not wearing off and outstanding farm loans rising from Rs 100 billion in the last year to reach Rs 1.2 trillion in Karnataka, both ruling Congress and leading opposition BJP have jumped the gun to promise loan waivers to the states’ farmers in the heat of election campaign.
About 5.3 million farmers in the state owe banks Rs 600 billion worth of crop loans, while 3.2 million owe an equal amount worth of term loans, those meant for farm equipment and allied investments. About more than a million farmers
