Tuesday, March 22, 2016
Union Finance Minister Arun Jaitely said that the Pradhan Mantri Fasal Bima Yojana (PMFBY) will reduce the distress of the farmers as it will grant insurance cover to 50 per cent of them.
Participating at an event at NABARD, Arun Jaitley said that If India were to develop and get rid of poverty, the agriculture sector needs to grow at a faster pace. ‘The last two crop seasons have been adversely affected due to inadequate monsoons. We need to put a veil of some security around the farmers’, he said. Anjali Chib Duggal, Secretary, Financial services said that under the new scheme, the government was planning to impose penalties for delays in settlement of farmers’ claims. Under the scheme, the farmers will pay a lower premium for more coverage while compensation will be higher in the event of any crop failure or damage. The scheme will be rolled out on a mission mode from April to cover kharif or summer crop from this year itself, Duggal said.