Trade and markets
 

Detail

Area
India
Commodity Group
Rice
Commodity
All
Date
13/01/2016
Policy Category
Production
Policy Instrument
Production support, crop insurance
Description
Approved the “Pradhan Mantri Fasal Bima Yojana” crop insurance scheme, to replace the National Agricultural Insurance Scheme (NAIS) and the Modified National Agricultural Insurance Scheme (MNAIS) as of the 2016 Kharif season. The programme aims to provide comprehensive crop insurance against losses incurred due to natural calamities, with premiums to be paid by farmers set at lows of 2% for Kharif crops and at 1.5% for Rabi crops. Government outlays will cover the balance of premiums, abolishing pre-existing ceilings, such that farmers are in a position to claim insured amounts in full when facing losses.