Highlighting the elements of the fresh scheme which is aimed at helping the distressed agriculture community, he said this is the biggest-ever government contribution to crop insurance while ensuring that farmers have to pay the lowest-ever premium rate.
"My dear farmer brothers and sisters, the news of Pradhanmanti Fasal Bima Yojana must have already reached you. Farmers in our country have often felt at risk - at times from crop losses due to natural disasters, at times by falling market prices," he said in the open letter.
He said over the last 18 months, his government has taken several steps to help the farmers who faced such difficulties. The new scheme, which will be implemented from the forthcoming Kharif season, is "simple to join and offers maximum security", PM Modi said while inviting the wholehearted participation by farmers.
There have been insurance schemes for farmers in the past as well. However, they were unsuccessful for various reasons - ranging from high premium rates to low claim value and non-coverage of localised crop loss.
“As a result, not more than 20 percent of farmers opted for crop insurance; and those who did faced many difficulties to get their due. Eventually, farmers' faith in insurance schemes eroded over time," PM Modi said while justifying the new scheme.
The Prime Minister said it was against this backdrop that "we engaged in detailed consultations with states, farmers and insurance companies; following which I now place before my farmer brothers and sisters, the farmer-friendly Pradhanmantri Fasal Bima Yojana."


Latest News from India News Desk