Rs 9,448 Cr current loan in coop societies to be waived: CM Kumaraswamy
Cabinet takes decision
Bengaluru, August 9: Chief Minister HD Kumaraswamy said that the Cabinet has decided to waive off current loan up to Rs 1 lakh availed from cooperative societies till July 10, 2018.
Speaking to reporters after a Cabinet meeting at the Vidhana Soudha here on Thursday, the CM said that out of Rs 10,734 crore loan in cooperative societies, Rs 9,448 crore would be waived off. This decision would help 20.38 lakh farmers who are members in the cooperative societies, he said.
There was no paucity of funds to waive off the farmers loans. But during the renewal of loans, the Finance department would release the amount based on the demand of the Cooperative department to be submitted every month. In the next Cabinet meeting, a decision would be taken to waive off Rs 6,500 crore loan availed from nationalized banks in the second phase, for which necessary process was taking place and discussions with the bankers were going on, he added.
Exuding confidence that instead of four phases, the loan waiver process could be completed by next year, the Chief Minister said that the guidelines being followed to waive off the loans were also discussed in the Cabinet meeting and it was decided to drop the norm that each family would get waiver of loan benefit up to one lakh, he said.
“The government is committed to empower the farmers financially. It is our priority to protect you. Don’t commit suicide and push your families on to the streets”, he said.
Reports were appeared in newspapers on cutting of funds for Shaadi Bhagya and dropping of Matru Poorna scheme. No programmes announced in the Siddaramaiah government in the Budget presented in last February were dropped in the Vote-on-account. Additional programmes were included, he clarified.
Mekedatu project
Water Resources Minister DK Shivakumar on Wednesday met Union Minister Nitin Gadkari in New Delhi and appealed him to convene a meeting of the concerned states regarding implementation of Mekedatu project. This project would help Tamil Nadu farmers, for which, Tamil Nadu Chief Minister, political leaders and farmers would be taken into confidence to implement the project, he said.
Cooperative Minister Bandeppa Kashempur said that the Cabinet has approved to purchase shoes, socks, tie and belts for the students of schools and colleges run by the State Residential Education Institutions Association at a cost of Rs 10.36 crore. It was also decided to constitute a Cabinet Sub Committee led by Deputy Chief Minister Dr G Parameshwar on recommending the Cabinet regarding dropping various criminal cases at the time of trials in various courts. The Cabinet also approved the construction of railway upper bridge and connecting road on Holenarasipura-Mavinakere road at a cost of Rs 39.93 crore with the help of the central government, he said. Tourism Minister Sa Ra Mahesh was also present.
Under trials to be released
To mark the Independence Day, the Cabinet has decided to recommend the Governor to release 93 under trials serving their life imprisonment in different jails of the state following their virtuous conduct.
- Bandeppa Kashempur, Cooperative Minister
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Microsoft to pause hiring in U.S. consulting division amid cost-cutting measures
Washington: Microsoft is set to pause hiring in its U.S. consulting business as part of broader cost-reduction efforts, according to an internal memo reported by CNBC. The move aligns with the company's strategy to manage expenses while prioritizing investments in artificial intelligence (AI).
The tech giant plans to allocate approximately $80 billion in fiscal 2025 to expand data centers aimed at training AI models and deploying AI-driven and cloud-based applications. As part of the cost-cutting measures, the consulting division will temporarily suspend hiring new staff and back-filling roles, consulting executive Derek Danois reportedly informed employees.
The memo also urged employees to avoid travel expenses for internal meetings, favoring remote sessions instead. Additionally, the division plans to slash marketing and non-billable external resource expenditures by 35%, aligning with policies set by the Microsoft Customer and Partner Solutions organization, which employs around 60,000 people.
Microsoft has not responded to requests for comment on the matter.
