Agriculture Insurance: Crop Insurance Enhances the Agri Industry
The Centre’s Pradhan Mantri Fasal Bima Yojana was the biggest ever government push to compensate farmers against damage to crops on account of calamities, says Agriculture and Farmers Welfare Minister Radha Mohan Singh.
The government had no proposal to impose income tax on this agriculture sector. All major states, except Punjab, had implemented this scheme. He said, “Perhaps the farmers in the state are not at loss as the state government provided adequate power supply and irrigation facilities to prevent damage due to natural calamities.”
Under the scheme, farmers pay a small premium for crop insurance and this scheme is better than the Crop Insurance Scheme that it replaced. Now farmer gets full financial security. If farmer is unable to sow/transplant due to bad weather then he would be entitled to claim; for food grain, pulses and oilseed, there will be ‘one season, one rate’ for him.
The norms for providing relief in case of damage to crops due to calamities have also been relaxed. He also said that, Prime Minister Narendra Modi has chalked out a target to double farmers’ incomes by 2022.