Farm waivers to touch USD 40 bn by LS elections: Report

Agencies
July 6, 2018

New Delhi, Jul 6: Following Karnataka's USD 5 billion write off, the nation's farm loan waivers will double to USD 40 billion by the summer 2019 elections, says a Bank of America Merrill Lynch (BofAML) report.

Karnataka Chief Minister H D Kumaraswamy in the maiden budget of the Congress-JDS coalition government yesterday announced a mega Rs 34,000 crore farm loan waiver scheme.

He capped the agricultural loan to be written off at Rs 2 lakh and added that all defaulted crop loans up to December 31, 2017, will be written off in the first phase.

According to global financial services major, the governments of both - Centre and States - are expected to take proactive steps to quell rural unrest in the run up to the 2019 elections.

"We grow more confident of our call that farm loan waivers will double to USD 40 billion by the summer 2019 elections after the Karnataka government wrote off USD 5 billion of farm loans of up to Rs 2 lakh," the report said.

The report further noted that farm loan waivers, along with minimum support price (MSP) hikes, will support rural demand at a time of stress; however, rains are a swing factor.

"If farm loan waivers really amount to about 1.5 per cent of gross domestic product (GDP), this should effectively raise farm income by about 3 per cent a year over FY18-20," the report said.

Moreover, the rise in MSP will raise autumn Kharif harvest farm income by 10 per cent in this fiscal.

However, farm loan waivers will impact yields as loan growth recovers. Accordingly, "farm loan waivers need to be funded by UDAY-type bonds that will impact yields when loan growth revives," it noted.

"In our view, it is very difficult for the current government to achieve its objective of doubling farmer incomes by 2022 unless it relaxes its inflation and fiscal deficit targets," it added.

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News Network
December 15,2025

Udupi, Dec 15: What was meant to be a post-pilgrimage gathering turned tragic in Padukere village of Brahmavar taluk, Udupi district, late Sunday night, when a clash among youths escalated into a fatal assault, leaving one man dead.

The victim has been identified as 30-year-old Santosh Mogaveera, a resident of Padukere.

According to preliminary information, the incident took place during a late-night drinking party involving a group of local youths who had recently returned after completing their pilgrimage to the Sabarimala shrine. An argument reportedly broke out among the group and soon escalated into a violent confrontation.

During the ensuing brawl, Santosh Mogaveera was allegedly assaulted and collapsed at the spot after sustaining serious injuries. He was rushed by local residents to a private hospital in Brahmavar, where doctors declared him dead.

On receiving information, senior police officials, including Brahmavar Circle Inspector Gopikrishna, Kota Police Sub-Inspector Praveen Kumar T, Station ASI Manthesh Jabagoudar, and head constables Pradeep and Ashok, visited the spot and conducted an inspection.

Police have taken four youths into custody in connection with the incident. A case has been registered at the Kota police station, and further investigation is underway to ascertain the exact sequence of events leading to the death.

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News Network
December 15,2025

Mangaluru, Dec 15: Air India Express has announced that it will resume direct flight services between Mangaluru and Muscat from March 2026, restoring an important international air link for passengers from the coastal region.

Airport authorities said the service will operate twice a week—on Sundays and Tuesdays—from March 1. The initial flights are scheduled on March 3, 8 and 10, followed by March 15 and 17, with the same operating pattern to continue thereafter. The flight duration is approximately three hours and 25 minutes.

The Mangaluru–Muscat route was earlier operated under the 2025 summer schedule, with services beginning on July 14. At that time, Air India Express had operated four flights a week before suspending the service.

Officials said the summer schedule will come into effect from March 29, after which changes in flight timings and departure schedules from Mangaluru are expected. Passengers have been advised to check the latest schedules while planning their travel.

The resumption of direct flights to Muscat is expected to significantly benefit expatriates, business travellers and others, further strengthening Mangaluru’s air connectivity with the Gulf region.

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coastaldigest.com news network
December 20,2025

Mangaluru, Dec 20: City Police Commissioner Sudheer Kumar Reddy has issued a high-alert warning to vehicle owners regarding a surge in cyber fraud targeting those looking to pay traffic violation fines. Fraudsters are reportedly exploiting recent government discount schemes on traffic penalties to deceive citizens.

The Scam: How Fraudsters Strike

Criminals are using SMS, WhatsApp, and social media to circulate suspicious links and APK files (Android application packages). They claim these apps allow users to pay e-challans at a discount.

•    Device Hacking: Downloading these unauthorized apps gives hackers full access to the victim's smartphone.

•    Financial Theft: Once the phone is compromised, fraudsters intercept OTPs and personal data to drain bank accounts.

•    Phishing Sites: Fake websites mimicking official portals are also being used to harvest banking credentials.

Already, two residents within Mangaluru city limits have reported significant financial losses after falling victim to these fraudulent apps.

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