The central authorities will launch Rs 3,200 crore installment of Pradhan Mantri Fasal Bima Yojana on Monday. that is the primary installment given to farmers, with Rs 8,000 crore to be launched later, Union Agriculture and Farmers Welfare minister Shivraj Singh Chouhan stated on Monday.
announcing the package in a put up on X, the union minister said that insurance organizations that do not deposit the amount to catastrophe-affected farmers on time will face a 12 per cent interest penalty, so one can be directly given to farmers.
“these days, about 30 lakh farmers affected by natural disasters will have ₹3200 crore deposited into their accounts under the Pradhan Mantri Fasal Bima Yojana. this is the first installment, so farmers whose money owed do now not get hold of budget today ought to not worry. about ₹8000 crore can be released later,” the union minister’s X put up read in Hindi.
“In natural disasters, plants get destroyed, and while that takes place then it is not just the vegetation which get destroyed but the lives of farmers too, so for that the top minister made Pradhan Mantri Fasal Bima Joyana, which became a boon for all the affected farmers,” the union minister said within the video published on X.
Expressing his dedication to farmers’ welfare, minister Chouhan called at the farmers to deal with any court cases about the scheme to him.
“Farmer brothers and sisters, serving you is my worship of God. when you have any lawsuits concerning the crop insurance scheme, please tell me. We always stand with you,” he added.
speakme approximately the hobby bills the coverage corporations will have to pay on not on time payment, he added, “This scheme has grow to be a boon for disaster-affected farmers. To make sure farmers acquire finances on time, we have decided that if an insurance organization fails to deposit the cash within the stipulated time body after a claim, it's going to should pay 12% hobby, that allows you to go at once to the farmer’s account.”
Pradhan Mantri Fasal Bima Yojana, marked its nine-12 months anniversary on february 18, 2025, celebrating close to a decade of empowering the farmers of India, in keeping with an authentic declaration from the Ministry of Agriculture and Farmers Welfare.
The scheme, launched in 2016, gives a comprehensive protect towards crop losses caused by unpredictable natural risks. This safety now not most effective stabilises farmers’ earnings but additionally encourages them to undertake progressive practices.
“Crop coverage is an crucial chance mitigation tool to guard farmers from natural calamities. It aims at supplying financial guide to farmers struggling crop loss/harm bobbing up out of herbal calamities like hailstorm, drought, floods, cyclones, heavy and unseasonal rains, assault of sickness and pests and many others,” the declaration delivered.
The Union cabinet in january 2025 permitted the continuation of Pradhan Mantri Fasal Bima Yojana and Restructured weather based Crop insurance Scheme till 2025-26 with a complete finances of ₹69,515.71 crore.
though the scheme is voluntary for farmers, non-loanee farmers’ coverage has expanded to 55% of the total insurance under the scheme throughout 2023-24, which indicates the voluntary acceptability/reputation of the scheme.
Disclaimer: This content has been sourced and edited from Indiaherald. While we have made adjustments for clarity and presentation, the unique content material belongs to its respective authors and internet site. We do not claim possession of the content material.
.jpg)
click and follow Indiaherald WhatsApp channel