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PM Unveils Crop Insurance Scheme (Fasal Bima Yojana)

Prime Minister Unveils Crop Insurance Scheme (Fasal Bima Yojana).- New Ray For Farmers

By: Satyam Vashishtha

Prime Minister Narendra Modi on Thursday released the guidelines for operationalization of the Pradhan Mantri Fasal Bima Yojana, which was approved by the Union Cabinet last month.

“We are placing the guidelines of the crop insurance scheme, here in the presence of the farmers of MP,” PM said at Kisan Kalyan Mela where he was felicitated by the farmers for launching Pradhan Mantri Crop Insurance Scheme.

The scheme will be effective from next Khareef season. It envisages a uniform premium of only 2% to be paid by farmers for Kharif crops, and 1.5% for Rabi crops. The premium for annual commercial and horticultural crops will be 5%.

Key Points of this scheme

– The Union Cabinet on Wednesday approved the launch of Pradhan Mantri Fasal Bima Yojana (Prime Minister Crop Insurance Scheme) in which the premium rates to be paid by the farmers have been brought down substantially so as to enable more farmers avail insurance cover against crop loss on account of natural calamities.

– The report says there are around 118.6 million cultivators in the country. The government aims to cover at least 50% of farmers with its crop insurance scheme. The present coverage is below 25%.

– In PMFBY scheme there is no cap on the total value government will be contributing towards the subsidy. Even if balance premium is 90% it will be borne by the government. The removal of capping on premium is expected to encourage more farmers to join the scheme

– capping has now been removed and farmers will get claim against full sum insured without any reduction,” the government said.

It looks a good effort in favour of Indian farmer and agriculture industry. Let’s wish for it’s grand success.



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