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Prime Minister Crop Insurance Scheme: On the first day of the new year, the central government has taken a big decision that will benefit crores of farmers. On the first day of the year, Modi Cabinet has announced increase in the allocation of Prime Minister Crop Insurance Scheme. Along with increasing financial assistance for fertilizer companies, subsidies have also been increased.
Allocation of Rs 68515 crore
The Cabinet increased the fund allocation under the Crop Insurance Scheme to Rs. 69515 crores. It has also been decided to create a fund for speedy settlement of claims.
3850 crore package for DAP fertilizer
Giving information about the crop to the Cabinet, Union Minister Ashwini Vaishnav said that the government has announced to give additional subsidy on DAP fertilizer to farmers and fertilizer companies. Rupees for this. A package of Rs 3850 crore has been presented. Farmers get Rs. DAP will be available at Rs 1350 per kg. The additional cost will be borne by the government.
Prime Minister Crop Insurance Scheme (2023-24)
1. Biggest Plan: Largest plan in terms of policy issuances, third largest in terms of total premiums
2. execution: Applicable in 23 states and union territories. 20 insurance companies are registered under the scheme.
3. Crop Protection: Complete crop protection from sowing to harvesting and thereafter crop damage will be determined on the basis of sowing and crop yield. Losses caused by natural disasters and climate change will be covered.
4. Funding Pattern: The funds allocated under the crop insurance scheme will be allocated in the ratio of 90:10 to north-eastern states and 50:50 to other states.
5. Installment: The premium rate for farmers is 1.5 percent to 5 percent. Premium cost has reduced from 16 percent to 11 percent. Due to which Rs. There will be savings of Rs 10500 crore.
Farmers will get benefits
4 crore farmers are registered under the Prime Minister Crop Insurance Scheme. Of which 55 percent is non-loan. 6 crore hectares of agricultural land has been insured. Farmers can register their queries and complaints regarding the assistance of this scheme on toll free number 14447. In the last eight years, farmers have received Rs. Rs 1.70 lakh crore has been paid.