Karnataka budget live updates: CM HD Kumaraswamy hikes rate of tax on petrol and diesel

Bengaluru: Karnataka Chief Minister HD Kumaraswamy on Thursday tabled the first budget of his newly-formed state government at Vidhana Soudha. Kumaraswamy, who also holds the finance portfolio in the Cabinet, said "It is a new experience for me as a finance minister. I have taken up this as a challenge to give a surplus budget."

Follow the live updates here:

* Considering the popularity of Indira Canteens in Bengaluru, action has been taken to open 247 Indira Canteens in all taluks and district headquarters of the state at an expenditure of Rs 211 crores: Karnataka CM

* I propose to increase the rate of tax on petrol from the present 30 per cent to 32 per cent and diesel from 19 per cent to 21 per cent, so petrol price will be increased by Rs.1.14/ltr and diesel by Rs 1.12/ltr, says Kumaraswamy while presenting the budget

* 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, says the Karnataka CM

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: Karnataka CM pic.twitter.com/VeRUhM3DT5 — ANI (@ANI) July 5, 2018

* I have decided to limit the loan amount to Rs 2 lakhs. Due to this crop loan waiver scheme, farmers will get the benefit of Rs 34,000 crore: HD Kumaraswamy while presenting the budget in Vidhana Soudha: CM Kumaraswamy

* To facilitate the farmers to avail new loans action will be taken by the govt to issue clearance certificate by waiving the arrears form the defaulting account. For this purpose, Rs 6500 crore is earmarked in the 2018-19 budget, says CM Kumaraswamy while presenting the budget

* Chief Minister HD Kumaraswamy presents the first budget of his Congress-JDS coalition government.

* Budget copies being taken inside Karnataka Legislative Assembly.

#Visuals from Bengaluru: Budget copies being taken inside #Karnataka Legislative Assembly. Chief Minister HD Kumaraswamy will present the government's first budget. pic.twitter.com/WFXvjI9eOi — ANI (@ANI) July 5, 2018

* The Kumaraswamy-led Congress-JDS coalition government in Karnataka is expected to announce the crop loan waiver in the budget, to provide relief to farmers reeling under drought for successive years.