Agroinsurance

NEWS

India - Meghalaya Govt extends 100% subsidy for crop insurance

08.06.2023 366 views

The Meghalaya government is extending premium support to the extent of 100 per cent towards the farmers of the State for both Kharif and Rabi seasons during 2023-24 under the Crop Insurance Scheme "Pradhan Mantri Fasal Bima Yojana (PMFBY)". The scheme has been made applicable to all farmers of the state growing the notified crops in the notified areas up to 1 acre per crop per farmer.

According to an official statement issued by the government, the vision of the Meghalaya government under the leadership of the Chief Minister Conrad Sangma is to take up a farmer-centric approach in devising a strategy to protect them from the risks of crop failure.

Looking to support the farmers of the state in stabilising their incomes against the risks of crop failure, the Meghalaya government has decided to provide free premium support amounting to Rs. 4.4 crores, covering both Kharif and Rabi seasons during 2023-24, whereby the premium for the farmers shall be paid by the state government to an extent of 100 per cent of the premium amount.

With over 80 per cent of the population of the state dependent on agriculture, the assistance via premium provides the much-needed cushion to farmers in the case of crop failure.

It may be recalled that the Pradhan Mantri Fasal Bima Yojana (PMFBY) was implemented in Meghalaya since its commencement with effect from Kharif 2016. The main objective of the Scheme is to provide financial support to farmers suffering crop loss/damage due to unforeseen natural calamities and events.

Efforts to popularise the Scheme and ensure increased farmer enrolment is underway by the Department of Agriculture and Farmers' Welfare in collaboration with the Implementing Agency, the Agriculture Insurance Company which is responsible to conduct awareness programmes from time to time as mandated by the Scheme.

The estimated amount of premium support by the Government of Meghalaya of Rs. 4.4 crores is based on the enrollment target of 27,000 number of farmers for Kharif season 2023 and 10,000 number of farmers for the Rabi season 2023-24.

The premium support guarantee by the Government of Meghalaya is expected to reverse the extremely low enrolled number of beneficiaries under the Scheme so far in the State and will relieve a significant section of farming households in the State of the risks of crop damage/crop failure.

Source - https://www.businessworld.in

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