Maha State to Provide Crop Cover at Rs 1 with 2% Premium Coverage
The government of Maharashtra has decided to roll out a scheme for farmers where Rs 1 can be paid by farmers and no premium will be charged. A sum of 12,000 will be deposited to the state farmer's account individually every year.
Recently the government of Maharashtra has declared a beneficial scheme for farmers where farmers will be able to opt out of the crop insurance scheme by paying Rs 1. Additionally, the state will be funding its share of a 2% premium. This decision was approved by the cabinet minister after the state budget announcement that was held in March. The Cabinet has also approved a framework that will limit the maximum profit of insurance companies.
Deputy CM Devendra Fadnavis said that “Farmers only have to pay Rs 1, no premium shall be applied to them.”
The state cabinet has also given its nod to an additional budgetary measure called Namo Shetkari Mahasanman Nidhi, wherein an amount of Rs 6,000 will be provided to one crore farmers in the state as a complementary payment to the Rs 6,000 already disbursed by the Central government under the Pradhan Mantri Krishi Samman Nidhi Yojana.
A total of Rs 12,000 will be credited to the state farmer's account individually every year. The state’s grant will be paid in three installments of Rs 2,000 each. For the financial year 2023-24, the state has put forward a budget allocation of Rs 6,900 crore for the implementation of the scheme.
Cabinet Minister has also decided to bring land with an area of 25 lac ha in states under organic farming in the next three years. The decision was taken to promote natural farming. According to reports, Dr. Panjabrao Deshmukh Organic Farming Mission has a good scope to increase its reach by establishing 1,000 bio-input source centers.
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