Ahead of crucial assembly election this year in Rajasthan, the Vasundhara Raje government today announced one-time loan waiver of up to Rs 50,000 for small and marginal farmers in the state. Presenting the state budget for financial year 2018-19, Chief Minister Raje said that the small and marginal farmers were among the most vulnerable section in the society. The loan waiver would cost Rs 8,000 crore to the exchequer. With today's decision, Rajasthan became the third BJP-ruled state after Maharashtra and Uttar Pradesh to announce a loan waiver scheme. Rajasthan Chief Minister also announced setting up a farmer loan relief commission where farmers can approach and present their side for getting relief on merit basis.
Apart from loan waiver, Raje announced Rs 650 crore tax relief and Rs 44,135 crore expenditure on social and community schemes in the budget for 2018-19. In tax proposals, the Rajasthan Chief Minister announced to set up a traders welfare board with initial corpus of Rs 10 crore for speedy disposal of problems related to dealers, their social security and insurance needs etc, 50 per cent exemption in stamp duty for the establishment of IT, entertainment and tourism sector units, increase of ten per cent in SGST based investment subsidy from 30 per cent to 40 per cent.
To promote agro-based industries and services, the maximum limit of interest subsidy in a year increased from Rs 5 lakh to 7.5 lakh per year. The Rajasthan Chief Minister also announced 10 per cent reduction in existing rates of stamp duty on agriculture, residential and commercial land with effect from February 13, 2018, no increase in valuation of agriculture, residential and commercial land by the DLC in the year 2018-19. Raje in her budget speech informed the house that 1.81 lakh new taxpayers have been registered under the GST and the tax base of the state has increased by more than 35 per cent as compared to the VAT regime.
Here are some other announcements Vasundhara Raje made today