Agriculture News : Government Targeting to bring 50% Farmers under PMFBY

Government is targeting to double the insurance coverage under crop insurance through Pradhan Mantri Fasal Bima Yojana (PMFBY) in a few years.

Now 23 per cent of the country's total farmer population is covered under various existing crop insurance schemes. However, the government is looking at taking it to more than 50 percent through the PMFBY in next two years," joint secretary ministry of agriculture and farmer's welfare Ashish Kumar Bhutani said.

Now it is mandatory for the loanee farmers to go for crop insurance. Government aims to bring more and more non-loanee farmers under this scheme. Irda is the insurance regulator which is working on a host of measures to create such a platform so as to push agricultural insurance.

As per the scheme, then farmers' share of premium under PMFBY will be based on one season, one rate. While the farmers will have to pay only 1.5 per cent of premium for Rabi crop, they will be asked to pay 2 per cent of premium for Kharif crop. The remaining premium will be paid as subsidy by the Centre and the state government together.

Source:http://www.businesstoday.in