It is a demand driven scheme, therefore no targets are fixed. However, it was decided to increase the coverage up to 50 percent of total cropped area.
Taking a dig at Prime Minister Narendra Modi's frequent foreign tours, he said mere speeches and announcements will not help the public, and demanded that the BJP-led government solve farmers' problems before looking at alliance talks for the forthcoming elections.
If the new government elected in 2019 talks less and acts more, Indian farmers will benefit
The state government will also give seeds of pulses and oilseeds for alternative farming on subsidy, an official release said here.
The claims of 20 lakh farmers were settled after CM’s direction, costing around Rs 1,500 crore, but another 25 lakh are pending
Two reasons can be attributed to the abysmal state of affairs in crop insurance. One is operational and second is fiscal in general and financial in particular.
The move comes after several requests from states as well as observations made by Comptroller and Auditor General (CAG) in its 2017 report that old crop insurances schemes which have now been merged with PMFBY, were poorly implemented during 2011-2016.
Agriculture Insurance Company of India Limited (AIC) is given the responsibility to offer agriculture insurance schemes to those in need. It is run by the Government of India.
The coverage under the scheme has increased to 40 percent of cropped area in FY18 but insurers are anticipating inadequate capacity of reinsurance capacity.
A CAG report, tabled in Parliament on Friday, pointed out many anomalies in the implementation of schemes like National Agriculture Insurance Scheme (NAIS) and Pradhan Mantri Fasal Beema Yojana (PMFBY)
A source in the industry said that crop insurance has contributed 40-45 percent to the entire general insurance industry.
Driven by better underwriting profit and increase in contribution from its direct business models like agri and retail health insurance, Bajaj Allianz General Insurance today reported a 66 per cent rise in net profit to Rs 234 crore in the July-September quarter.
HDFC Ergo is looking at keeping its market share at 10 per cent in the crop insurance segment through its participation in Pradhan Mantri Fasal Bima Yojana (PMFBY), a top company executive said today.
The Centre today extended deadline for submitting crop insurance proposals under the PMFBY and weather-based crop insurance scheme (WBCIS) in the ongoing kharif season till August 10.
According to sources, the Prime Minister's meeting is scheduled at the Nabard office in Mumbai on March 22.
The farming sector has been allocated around Rs 36,000 crore, while spending on irrigation has been trebled to around Rs 17,000 crore. Around Rs 5,500 crore has been earmarked for the crop insurance scheme, and Rs 19,000 crore for rural roads.
The ministry, in its cabinet note, has proposed an average premium of upto 2.5 percent for foodgrain and oilseeds crops and 5 percent for horticulture crops.
The government may be looking to significantly increase allocation to marque programmes such as the Pradhan Mantri Krishi Sinchai Yojana, Rashtriya Krishi Vikas Yojana, Pradhan Mantri Gram Sadak Yojana, and the one to provide soil health cards to the country's 140 million farmer families over three years
A bench, comprising Chief Justice Sanjay Kishan Kaul and Justice T S Sivagnanam, directed Assistant Solicitor General Su. Srinivasan to file an affidavit stating when the central government expected the consultative process of providing relevant scheme for crop insurance would gets it finality as it was going on for the last three years.