Punjab Agriculture Department Seeking Rs 400 Crore to Introduce Crop Insurance Scheme

To launch the Pradhan Mantri Fasal Bima Yojana, which aims to provide farmers insurance coverage against crop loss, the Punjab agriculture department has asked the state finance department for Rs 400 crore.

The Aam Aadmi Party (AAP) dispensation in Punjab is seeking to adopt the flagship scheme that the Bharatiya Janata Party-led Union government introduced in 2016 as part of a larger effort to reduce spending on disaster relief funding. States that had earlier rejected the plan, like Telangana, Gujarat, and Bihar, have since adopted it.

The Punjab SAD-BJP administration at the time rejected it since its guidelines weren't appropriate for the farmers in the province. Due to the additional financial burden of the insurance premium that they would have to pay, the farmers were also opposed to the scheme's implementation.

A state-level crop insurance programme was afterward suggested but failed to gain traction during the Congress administration.

The AAP government adopted the PMFBY as a result of the unprecedented crop losses in the previous two seasons and the resulting strain on the state treasury from compensating farmers. Following implementation, farmers pay a portion of the insured amount as a premium, with the remaining amount being split between the federal government and the state government.

The Punjab government had to pay 700 crores for crop loss during the last two cotton seasons. Due to a rapid increase in temperature around the time the crop was maturing last year, the yield of wheat decreased by 15%, causing significant losses for the farmers. Earlier, the basmati crop also saw significant losses. It was estimated that farmers had lost 1,500 crores in total.

To bring the implementation of the scheme to a triumphant conclusion, key state officials including chief minister Bhagwant Mann, agricultural minister Kuldeep Singh Dhaliwal, and chief secretary VK Janjua would meet on February 27.

According to Dhaliwal, "The agriculture department has urged the finance department to grant 400 crores so that we have the cash to kick start the initiative." He added that several preparations are needed before the scheme is launched.

Chief Secretary Janjua stated that a plan for a Punjab-specific programme would soon be completed, adding that recent crop damage in the state, notably to cotton crops, has cost farmers money. To 2.5 lakh hectares, the area planted with cotton has also decreased. Ensuring the farmers' produce is one way that our government aims to help them.

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