Government to announce new crop insurance scheme this week

Last Updated: Oct 01, 2016 | 311 Views
The government is expected to roll out a new crop insurance scheme to boost agriculture and support farmers financially.

Under the new scheme, the farmers will be required to pay a maximum premium of 2.5-3 percent of the sum assured for food crops and the remaining will be subsidized by the state and central governments.

There are currently required to pay premiums as high as 15 percent of the sum assured under the two crop insurance schemes – MNAIS and WBCIS.

The government wants to provide protection to farmers in wake of crop failures due to erratic rains and other factors. According to Met department 18 states out of 29 in 2015 faced rainfall crunch.