New Delhi: The Union cupboard on Wednesday determined to make the Pradhan Mantri Fasal Bima Yojana (PMFBY) voluntary for farmers, Agriculture Minister Narendra Singh Tomar stated.
Addressing an occasion right here, Tomar stated that the choice was taken in Wednesday’s cupboard assembly following some complaints concerning the scheme launched in April 2016.
PMFBY is obligatory for loanee farmers availing crop mortgage and Kishan Credit score Card (KCC) account for notified crops, whereas it’s voluntary for others. The scheme offers complete crop insurance coverage from pre-sowing to the post-harvest interval in opposition to non-preventable pure dangers at extraordinarily low premium charges of two per cent for kharif crops, 1.5 per cent for rabi crops and 5 per cent for horticulture and industrial crops.
The cupboard additionally gave its sanction of Rs 6,000 crore for the Farmer Producers’ Organisation (FPO) as the federal government has a goal of making 1,000 FPOs within the subsequent 5 years.