Friday February 23, 2018
Home India New crop insu...

New crop insurance plan for farmers gets govt approval

0
//
256
Republish
Reprint

New Delhi: In a bid to provide respite to the drought affected farmers, Centre today passed a crop insurance scheme, namely the Pradhan Mantri Fasal Bima Yojana (PMFBY) after the country faced drought for two years consecutively. The scheme keeps farmers’ premium at a maximum of 2 per cent for foodgrains and oilseeds and up to 5 per cent for horticulture/cotton crops.

The much awaited scheme was cleared at the Cabinet meeting which was headed by Prime Minister Narendra Modi. It is to be implemented from the Kharif season this year.

“The cabinet has cleared the Agriculture Ministry’s proposal on new crop insurance scheme,” sources said.

PMFBY will be replacing the existing two schemes, National Agricultural Insurance Scheme as well as Modified NAIS. The schemes have had some inherent setbacks.

It has approved farmers’ premium between 1.5 to 2 per cent for foodgrains and oilseeds crops, and up to 5 per cent for horticultural and cotton crops, the sources further said.

For rabi foodgrains, the farmer’s premium is fixed at 1.5 per cent while 2 per cent is decided for Kharif foodgrains and oilseeds crops. For horticultural and cotton crops it has been fixed at up to 5 per cent for both the seasons.

Sources estimate the PMFBY will likely increase the insurance coverage to 50 per cent of the total crop area of 194.40 million hectares from the existing level of about 25-27 per cent crop area. Rs 9500 crore is estimated to be the expenditure.

There will not be a cap on the premium and reduction of the sum insured in PMFBY, the sources said. Moreover, one insurance company will be allotted for the entire state and farm level assessment for localised risk loss and post-harvest loss. Also, 25 per cent of the likely claim will be settled directly on the farmers account.

The scheme will be administered by the Agriculture Insurance Company of India Ltd along with private insurance companies. The government will provide upfront premium subsidy and all claim liability will be on the insurer.

The new scheme is said to be of vital importance as the country faces improper monsoon rains resulting in severe droughts for the second straight year. Moreover, the government aims to protect farmers from the eccentricities of monsoon by enhancing insurance cover to more crop area.

(picture courtesy: http://thenamopatrika.com/)

Click here for reuse options!
Copyright 2016 NewsGram

Next Story

Is Donald Trump’s presidency turning out to be a reward for Trump Jr.?

Trump Jr. is scheduled to give a speech on Indo-Pacific relations at a New Delhi business summit and the Prime Minister Narendra Modi is expected to share the stage with him

0
//
22
The Donald Trump Jr. landed in India yesterday and is slated to sell his luxury apartments and lavish attention on wealthy Indians.
The Donald Trump Jr. landed in India yesterday and is slated to sell his luxury apartments and lavish attention on wealthy Indians. Wikimedia Commons

Recently, advertisements can be seen repeatedly in the past few days, announcing the arrival not of the Donald Trump but of his eldest son. The Donald Trump Jr. landed in India yesterday and is slated to sell his luxury apartments and lavish attention on wealthy Indians.  The advertisement further charms the people with “a conversation and dinner” with Trump Jr., if buyers who order apartments in the development by Thursday.

After Trump Jr. landed in India, he was seen posing for photos in New Delhi with Indian developers. One of the builders included Kalpesh Mehta. His firm is supposed to be the main Indian partner for Trump-brand real estate projects.

Also Read: Daughter of Presidential Candidate Donald Trump to celebrate Diwali in a Hindu Temple in the US

Although, during his election campaigns, President Donald Trump has pledged to avoid any new foreign business deals during his term in office. One of the better reasons for this was seen as to avoid potential ethical conflicts. But the visit by his Donald Trump’s son has directed the promises made by his father in some other direction. Moreover, Trump Jr. is flying around the world trying to trade on the fact that his father is sitting in the Oval Office. The global experts have long seen the use of the Trump name to promote even existing business ventures as a tricky territory.

Trump family has real estate projects coming up in Mumbai, the New Delhi suburb of Gurgaon and the eastern city of Kolkata.
Trump family has real estate projects coming up in Mumbai, the New Delhi suburb of Gurgaon and the eastern city of Kolkata. Wikimedia Commons

The shocker over here is the scheduled speech of Trump Jr. about Indo-Pacific relations at a New Delhi business summit and the Prime Minister Narendra Modi is expected to share the stage with him. This has raised another set of ethics concerns by offering his thoughts on international relations, that too when Trump Jr. is not holding any portfolio in the US government. By sharing the stage with government officials and talking about international relations, he is surely portraying himself as an informal ambassador for the US.

Last November, Donald Trump’s daughter Ivanka Trump visited India with an altogether different agenda than that of Trump Jr. She led the U.S. contingent at a global business conference and even her speech was broadcasted live by various television stations.

Also Read: US President Donald Trump’s Tough Stand Against Pakistan and more Highlights from his Speech

Interestingly, it is not the first instance when President Trump’s sons have raised ethical concerns over their promotional visits. Last year only, Donald Trump’s sons inaugurated a Trump-branded golf club in Dubai. The two brothers are now official in-charge to lead the Trump Organization.

Trump Jr. has planned his sprawling building in the satellite city of India, Gurgaon. The people who are ready to invest huge sum into this can expect to move into their swanky homes sometime in 2023. To run his business in India, Trump Jr. has licensing agreements with all its Indian business partners. India holds out to be the brand’s largest market outside the United States. In Pune, a luxury complex is already operational. The expected price of apartments in the Trump Towers complex in Gurgaon runs between $775,000 and $1.5 million.

President Donald Trump has pledged to avoid any new foreign business deals during his term in office.
President Donald Trump has pledged to avoid any new foreign business deals during his term in office. Wikimedia Commons

Trump family has real estate projects coming up in Mumbai, the New Delhi suburb of Gurgaon and the eastern city of Kolkata.