After the official report revealing an increase of 70 per cent in fasal bima yojana across states, IFFCO has greeted the govt. The successful implementation of Pradhanmantri Fasal Bima Yojana(PMFBY) is a talking point in the govt circles.
Lauding the role of the Prime Minister and Union Agriculture Minister IFFCO MD Dr U S Awasthi tweeted Friday morning” Congratulations to @naredramodi and RadhamohanBJP. It will help enhance the self-confidence of farmers.”
The much-touted insurance scheme was launched with a fanfare and within three months of kharif season more than 3 crore 15 lakh farmers have been insured under the new crop scheme, reads media report. The figures for the last year were 3.09 crore in the corresponding season.
A jubilant Union Minister Radha Mohan tweeted” In the very first year the scheme has been a hit”.
Total sum insured has increased by 70 percent to Rs 1.18 lakh crore. About 22 states and UTs have been covered under the scheme.
Earlier, crops were underinsured, but this scenario is changing. More farmers are taking advantage of the new crop insurance scheme, under which premiums are kept low and farmers will get claims for full sums insured, Ashish Bhutani, Joint Secretary who also doubles as Central Registrar said.
Though several states delayed notification of the scheme about 22 states and union territories have rolled out the new scheme, Bhutani underlined.
Under PMFBY, farmers’ premium has been kept lower between 1.5-2 per cent for foodgrains and oilseed crops and up to 5 per cent for horticultural and cotton crops. There is no cap on the premium and 25 per cent of the likely claim will be settled directly into farmers’ accounts.