In his first “Mann Ki Baat” address of 2016, Prime Minister Narendra Modi pitched for efforts to spread awareness about the Pradhan Mantri Fasal Bima Yojana (Prime Minister Crop Insurance Scheme) to enable at least 50 per cent of the country’s farmers to join it in the next couple of years. The scheme, which was cleared by the Cabinet recently, aims to substantially bring down the premium rates paid by farmers to avail insurance cover against crop loss on account of natural calamities.
“Crop insurance has been discussed for so many years. But not more than 20-25 per cent farmers have been able to connect with it and become its beneficiaries…Can we take a pledge that we connect at least 50 per cent of the farmers with this scheme in two years? I need your help in this. Because if a farmer joins the scheme, he will get huge help during a natural calamity,” said the PM.
Under the new scheme, farmers will have to pay uniform premium of two per cent for all Kharif crops and 1.5 per cent for all Rabi crops. For annual commercial and horticultural crops, farmers will have to pay a premium of five per cent. The remaining share of the premium, as in previous schemes, will continue to be borne equally by the Centre and the respective state governments.