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Arun Jaitley Launches Fasal Bima Yojana

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The Union government’s scheme to revamp the farmers by providing crop insurance known as the Fasal BimaYojana and Unified Package Insurance scheme was launched by the Finance Minister Arun Jaitley.

Importance of the scheme

  • Pradhan Mantri Fasal Bima Yojana– It is an insurance scheme for the farmers which provide relief to the farmers when crops are affected by Natural calamitiesArun Jaitley Launches Fasal Bima Yojana
  • It is different from the other schemes in that it provides a higher sum compared to other insurance schemes and also it requires low premium
  • Hence this scheme is in complete interests of the farmers

Flash points

  • Currently this scheme is incentivized through World bank credit
  • Uttarkhand is the first state in the nation to implement the scheme at 2% premium
  • The schemes will include crop insurance as well as accidental insurance for farmers, insurance for tractors as well as farm equipments
  • Jaitley told that the scheme proposes to bring about 50% of the farmers under this Insurance scheme

Points to note

  • Union Minister for Agriculture– Radha Mohan Singh
  • Premium for Kharif crops- 2%
  • Premium for Rabi crops- 1.5%
  • Premium for Horticulture crops- 5%