Out of all the ‘Pradhan Mantri’ schemes launched over the last few years – and there have been quite a few – none has received as much criticism as the PM Fasal Bima Yojana (PMFBY). Due to the variety of crops even within a cluster, the small size of farms, differences in farming practices, uncertainty of weather and budgetary constraints of state governments, there is no central scheme which is more difficult to administer than this.
The campaign ‘Fasal Ka Bima Bohot Zaroori Hai’ is aimed at making the farming communities aware about the relevance and significance of crop insurance that mitigates the rural distress caused by crop failure or damage due to factors like unseasonal rains, monsoon failure, storms, floods, pests and diseases.
First low prices, then a pandemic, and now drought. This year brought many economic challenges for wheat growers. Farming is a risky business, and crop insurance is one of the most important policy tools that is relied on to mitigate risk. Unlike other farm programs and ad hoc disaster assistance, crop insurance is a public-private partnership which means growers pay into the system and must have an indemnifiable crop loss to receive a payment.
As coverage of paddy cultivation in delta districts has increased this year owing to timely release of water from Mettur dam, Tamil Nadu has notified 270 new areas/revenue villages under Prime Minister Fasal Bima Yojana -- the government- sponsored crop insurance scheme to support agriculturists in case of crop loss on account of natural calamities. Kharif insurance scheme was earlier notified in 5,535 revenue villages in 24 districts.
Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today said the company has received Rs 800 crore worth crop insurance mandate from the Governments of Maharashtra and Karnataka to insure their farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY).
Heavy rains that struck parts of southwestern Manitoba June 28 to July 2 have resulted in just “a handful of crop insurance claims” as of July 9. “Nothing earth shattering,” David Koroscil, manager of claim services with the Manitoba Agricultural Services Corporation (MASC), said in an interview. “That might change in time.”
Ontario Premier Doug Ford announced on Thursday, July 16, that his government would provide an additional $50-million for farm “risk management programs” this year. That will bring the total to $150-million. He said the increase, originally slated for next year, was moved forward because of the many challenges being faced by farmers due of the COVID-19 pandemic.
Crop insurance compensation to the tune of ₹1.03 crore has been sanctioned under Prime Minister Fasal Bima Yojana for 1,890 farmers in the district for the kharif season of 2019. An Agriculture Department official said crop insurance of ₹13.42 lakh had been sanctioned for cotton, ₹2.47 lakh for groundnut, ₹87.29 lakh for maize, ₹33,000 for paddy and ₹860 for gingelly.
A USDA News Release States: The U.S. Department of Agriculture (USDA) today announced changes to several crop insurance policies improving options for producers, including introducing a new Quality Loss Option, a new unit structure assignment option for Enterprise Units (EU) and new procedures for Multi-County Enterprise Units (MCEU).
Agricultural risk is an interesting concept to nonfarmers. Imagine you are self-employed, and your business is not only highly dependent on the weather, it can be crushed by it. People have various mental models of what they think your business is like, the skills needed to succeed, what the challenges and rewards are for producing food, and how you remain profitable including where and how you should allocate your resources.
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