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Agriculture Insurance : Indian Government Going to Launch an Insurance Scheme for Plantation

Mr Rajani Ranjan Rashmi, Additional Secretary, Ministry of Commerce and Industry, Govt. of India said that Government of India is in the process of launching an insurance scheme for plantation sector, including rubber which would cover price fluctuations among other perils, with premium shared by Central Government, state governments and beneficiaries.

Further he added, “It is recognised that it is the responsibility of the Government to provide a conducive environment to enable the Indian rubber industry to realize its full potential, achieve global excellence, maximise contribution to the domestic economy and fulfil its obligations to the different sections of society. Government of India is interested in the overall development of the rubber industry value chain starting from rubber growers to consumers of end products.

Dr. A Jayathilak, Chairman, Rubber Board said that the impact of low prices will be more severely felt in natural rubber production sector, dominated by small and marginal growers. The low prices will have a critical bearing on planting and replanting decisions and future availability of NR. Providing safety nets for small-holders to protect them against price and other risks, beneath the prevailing socio-economic and political environment, is a critical task which has to be deliberated seriously.