Agricultural producers can enroll in the Agriculture Risk Coverage and Price Loss Coverage programs – two U.S. Department of Agriculture safety net programs – for the 2020 crop year. Meanwhile, producers who enrolled farms for the 2018 crop year have started receiving more than $1.5 billion for covered commodities for which payments were triggered under such programs.
While poor rain this year in the district, the second lowest in the past 15 years, has hugely affected farming in Madurai, poor insurance coverage of crops has further increased the risk of considerable financial loss to farmers. Officials point out that the area covered under the insurance scheme, Prime Minister Fasal Bheema Yojana (PMFBY), for paddy was not even two-third of the total area.
The United Business Group (UBG) of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Saturday said better insurance coverage is imperative for the development of agricultural economy, which would also reduce uncertainty among the farming communities. Well-placed and sound agri insurance system can strengthen the agriculture sector of the country and successfully address the menace of food insecurity in Pakistan, said UBG Secretary General in a statement.
U.S. Department of Agriculture crop insurance coverage for organic producers is being expanded to 57 crops, starting in 2016 and continuing through the 2017 growing season with contact price options for 73 crops. This expansion for farmers and ranchers and is supported by the National Farmers Union (NFU) which represents 200,000 family farmers and ranchers. Whether organic or conventional, if you have crops in the ground, you face the risk of losing a harvestable crop to an unexpected weather event or natural disaster.
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