Karnataka Chief Minister HD Kumaraswamy presents the government's first budget at the Vidhana Soudha. Excerpts from his speech.


"To facilitate farmers to avail new loans, action will be taken by the government to issue clearance certificate by waiving the arrears form the defaulting account. For this purpose, Rs 6,500 crore is earmarked in the 2018-19 budget.


"I have decided to limit the loan amount to Rs 2 lakh per farmer. Due to this crop loan wiaver scheme, farmers will get the benefit of Rs 34,000 crore. I have decided to waive all defaulted crop loans of farmers up to 31 Dec 2017 in the first stage. Farmers who repaid the loan within time, as an encouragement to the non defaulting farmers, I have decided to credit the repaid loan amount or Rs 25000 whichever is less.


"I propose to increase the rate of tax on petrol from the present 30% to 32% and diesel from 19% to 21%, so petrol price will be increased by Rs.1.14/ltr and diesel by Rs 1.12/litre."